ForSight VISION5 Closes $9.3 Million and Names John Maroney New CEO
6/17/2013 7:15:09 AM
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Industry Veteran, John Maroney, to Join ForSight VISION5 as President and CEO
MENLO PARK, Calif., June 17, 2013 /PRNewswire/ -- ForSight VISION5 is pleased to announce that John F. Maroney will join the company as President, CEO and Director of VISION5, and that the company has recently closed its Series B-1 round of funding. ForSight VISION5 is the fifth company created by Menlo Park ophthalmic incubator ForSight Labs. VISION5 is a clinical development stage company focused on unmet needs in ophthalmic diseases, initially ocular hypertension and glaucoma.
Since 2003, Mr. Maroney has served as a Managing Member of Delphi Ventures, a healthcare focused venture capital firm with more than $1.1B in capital raised across eight funds. Mr. Maroney will continue to serve as a Venture Partner for Delphi Ventures with responsibility for various portfolio companies. Prior to joining Delphi, Mr. Maroney was President, CEO and Chairman of EndoTex Interventional Systems, Inc. a development stage, venture backed, start-up company focused on commercialization of carotid artery stents. EndoTex was acquired by Boston Scientific Corp. in 2007. From 1988 to 1997, Mr. Maroney held a variety of senior management positions at Cardiovascular Imaging Systems (CVIS) and Boston Scientific including President of EP Technologies, Inc., and Vice President and General Manager for Cardiovascular Imaging Systems. While at CVIS, Mr. Maroney was a key member of the senior management team during the Company's IPO and eventual acquisition by Boston Scientific Corporation. Prior to CVIS, Mr. Maroney held increasingly responsible management roles at Abbott Laboratories via their acquisition of Oximetrix, Inc. Mr. Maroney also currently serves on the Advisory Boards for the College of Engineering and the Department of BioMedical Engineering at UC Davis.
Mr. Maroney said, "I am thrilled to join and lead the exciting team at ForSight VISION5 brought together by Angela Macfarlane around the technology pioneered by Dr. Eugene de Juan, Jr. MD. The investors are truly a world class group and I feel privileged to work with each of them."
Ms. Macfarlane said, "John's leadership, experience and deep understanding of how to build a powerful organization and drive a game-changing technology are a perfect fit for ForSight VISION5." Dr. de Juan added, "It is very satisfying to see an experienced team come together around a compelling technology addressing key clinical needs while focused on improved, cost effective patient outcomes."
ForSight VISION5 has also completed its Series B-1 financing which raised $9.3m and was led by Technology Partners of Palo Alto, California and joined by Delphi Ventures. Returning investors Morgenthaler Ventures and Versant Ventures also broadly supported the financing. Jim Glasheen, PhD, of Technology Partners joins the ForSight VISION5 Board of Directors. Dr. Glasheen commented "We are extremely excited about the VISION5 investment opportunity. The Company is targeting a compelling need for millions of patients in one of the key ophthalmic markets with the potential for impacting broader markets as the technology matures."
About ForSight VISION5 and ForSight Labs, LLC
ForSight VISION5, Inc., was founded in January of 2011 as the fifth company to spin out of the ophthalmic incubator ForSight Labs, LLC (www.forsightlabs.com). ForSight VISION5 is a clinical development stage company focused on unmet needs in ophthalmic diseases, initially ocular hypertension and glaucoma. ForSight Labs, LLC, was established in 2005 by renowned ophthalmologist and retinal surgeon Eugene de Juan, Jr., MD in collaboration with The Foundry (www.thefoundry.com) to start companies focused on impactful solutions to improve the sight, care, and quality of life of visually impaired patients.
About Morgenthaler Ventures
Morgenthaler Ventures is a premier venture capital firm with over $3 billion of committed capital. Morgenthaler has invested in more than 300 companies in the life science and information technology sectors, and has partnered with some of the world's most visionary entrepreneurs. Representative life science companies include: Ardian, OncoMed, Transcend, Nexis Vision, Promedior, Elcelyx, Holaira, Kona Medical, Moximed, Ra Pharmaceuticals, SetPoint Medical, Scioderm, Second Genome, and Silicon Valley-based incubators The Foundry and ForSight Labs. www.morgenthaler.com
About Versant Ventures
Versant Ventures is a leading venture capital firm that specializes in investment in innovative, groundbreaking bio-pharmaceuticals, medical devices, and other life science opportunities. Founded in 1999, the firm consists of an experienced team committed to helping entrepreneurs build successful companies that impact healthcare and improve quality of life. www.versantventures.com
About Technology Partners
Founded more than 25 years ago and based in Palo Alto, California, Technology Partners is a venture capital firm with an investment focus in the life science and cleantech industries. The firm manages approximately $700 million in investment capital. Technology Partners' strategy is to team with visionary entrepreneurs to build successful companies, serving principally as a lead investor and business advisor. www.technologypartners.com
About Delphi Ventures
Delphi Ventures is a venture capital firm that has focused on investing in medical devices and biotechnology for over two decades. With more than $1.1 billion in committed capital, Delphi Ventures has funded over 170 companies. More than 100 of its portfolio companies have either completed an initial public offering or have been acquired by a leading healthcare corporation. Delphi Ventures is based in Menlo Park, California. www.delphiventures.com
SOURCE ForSight VISION5
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