Troubled by recent clinical disappointments, First Wave will combine with ImmunogenX to focus on that company’s Phase III-ready enzyme replacement therapy for celiac disease. A deep-pocketed partner waits in the wings.

Life science start-ups raised $1.18 billion in the final quarter of 2013, more than twice the $559.4 million they garnered in the previous quarter, with seven medical device firms bringing in a combined $54 million – $11 million more than the previous quarter.

Life science start-ups raised $1.18 billion in the final quarter of 2013, more than twice the $559.4 million they garnered in the previous quarter, and the most lucrative quarter reported for the group in the history of this START-UP column.

Derived from Strategic Transactions, Elsevier Business Intelligence’s premium source for tracking life sciences deal activity, the Medical Device Deals Update column is a survey of recent medtech M&A, alliance, and financing activity. This month’s column covers deals announced October-November 2013.