Volcano Corporation, a manufacturer of precision guided therapy tools to enhance the treatment of coronary and peripheral vascular disease, has signed an agreement to acquire Crux Biomedical. Under terms of the agreement, Volcano will pay $36.0 million in cash at closing. Crux Biomedical has been funded by Alloy Ventures, Three Arch Partners, Emergent Medical Partners and Thomas Fogarty, M.D.

Relievant Medsystems Inc., a medical device company focused on basivertebral nerve ablation for the treatment of chronic axial low back pain, has raised $30 million in Series D financing. New Enterprise Associates led the financing with participation from existing investors Canaan Partners, Emergent Medical Partners, Morgenthaler Ventures and ONSET Ventures. The company is based in [...]

OncoHealth Corp., the developer of HPV diagnostics and treatments, raised $1.6 million in what it called an oversubscribed round from investors including Band of Angels, Emergent Medical Partners, Halo Fund, Tech Coast Angels, The Angels Forum, and Wilmington Investor Network. Sand Hill Angels and Life Science Angels anchored the round.

“We all thought it was good then,” said Steve Bengston at PricewaterhouseCoopers, who gave a presentation last night in Palo Alto.

But an even bigger problem for VCs are exits — later stage deals are getting larger (PWC recorded some Series O rounds), the IPO market is still weak, and prices on mergers and acquisitions are being hammered down.

Fundraising is also way down: “If you can avoid raising money in 09, you should,” he said.

When VCs suffer, so do entrepreneurs — Bengston said he sees “major triage” of portfolio companies by VCs, in a phenomenon he called “men behaving badly.”