BioSpace Collaborative

Academic/Biomedical Research
News & Jobs
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  C2C Services & Suppliers™
Europe
Asia

DIVERSITY

PROFILES
Company Profiles

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Research Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
Get Our Industry eNewsletter FREE email:    
   

Transcend Medical, Inc. Closes $51 Million Series B Financing


7/14/2011 6:29:03 AM

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.


For more information, please contact:
Bart Beasley
650-223-6608
bbeasley@transcendmedical.com


Read at BioSpace.com


   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES
 

//-->