Ebb & Flow

Two of the many micro-cap companies with a year or less of cash secured some breathing room last week. Cardiovascular and gastrointestinal company ARYx (NASDAQ:ARYX) raised $21.6 million in a private placement, while stem cell play StemCells (NASDAQ:STEM) raised $20 million in a registered direct offering.

ARYx tapped some VCs, including new investor New Enterprise Associates, which led the offering, and existing investors MPM Capital and OrbiMed Advisors...