MENLO PARK, CA--(Marketwire - July 14, 2011) -
Transcend Medical, Inc., an ophthalmic device company dedicated to developing minimally invasive glaucoma therapies, announced the closure of its second tranche, bringing the total of Series B to $51M.
Investor Growth Capital (IGC) joined this tranche, along with significant follow-on contributions from existing investors: Canaan Partners, Finistere Ventures, HLM Venture Partners, Kaiser Permanente Ventures, Latterell Venture Partners, Morgenthaler Ventures, Split Rock Partners and Technology Partners.
"Transcend's promising clinical outcomes and R&D progress to date demonstrate that the company is well positioned in the existing $4.5 billion global glaucoma therapy market," said Abhijeet Lele, Managing Director and Head of Healthcare Investing at IGC. "We look forward to working closely with the management team to expedite development of this exciting minimally invasive glaucoma therapy."
Transcend will use the funds for development of additional infrastructure and resources for its U.S. pivotal study of the CyPass® Micro-Stent, (www.CompassClinicalStudy.com), as well as for ongoing international clinical trials and development of next generation glaucoma solutions.
The CyPass Micro-Stent is a tiny implant placed in the eye through a minimally invasive surgical procedure. Intended to be an earlier intervention than conventional surgical treatments, the CyPass Micro-Stent may reduce or eliminate the need for glaucoma medications while providing continuous control of intraocular pressure.
"We are pleased with the strong support from our investors and it represents the industry-wide validation surrounding our CyPass Micro-Stent for treatment of early glaucoma," said Brian Walsh, President and Chief Executive Officer of Transcend Medical. "The additional capital ensures that we are well-positioned to complete our clinical and corporate objectives."
About Transcend Medical, Inc.
Transcend Medical (www.transcendmedical.com) is focused on the development of medical devices for the treatment of glaucoma, the leading cause of adult irreversible blindness. It is estimated that over 4 million people in the U.S. and roughly 60 million worldwide are afflicted with the disease today and the numbers are expected to grow to nearly 6 million in the U.S. and over 70 million worldwide by the year 2015. Based in Menlo Park, California, Transcend Medical was the first company to spin-out from ForSight Labs, LLC (www.forsightlabs.com), an incubator focused solely on ophthalmic innovations.