The Japanese venture Solasia has signed a product licensing and investment agreement with major firm Meiji Seika that will support the planned commercialization of its major oncology prospect.

Light Sciences Oncology (US) has elected Dr Frank Young to a newly created seat on its board of directors. He held positions in clinical practice, academia and government, including Commissioner of the FDA from 1984 to 1989. Dr Young is presently a partner at Essex Woodlands Health Ventures, an investor in Light Sciences Oncology.

Despite a miserable economy, new company formation continues apace. In biotech, recapitalizations and structured deals featured prominently; in diagnostics, interest remains strong even if rounds in 2008 were down from last year's highs; in devices, small and regional VCs have filled the void left by brand-name investors.

Start-Up analyzes fundraising and alliances among emerging companies in the biopharmaceutical, medical device and in vitro diagnostics segments from July through September 2008. Data comes from FDC-Windhover's Strategic Transactions Database.