PRNewswire
MENLO PARK, Calif., Jan 07, 2008 /PRNewswire via COMTEX/ -- ForSight Labs, LLC announced
today the formation and funding of its third company, ForSight VISION3, Inc.
with a Series A financing of $6 million, supported by three of the leading
venture capital firms in the medical technology arena: Morgenthaler Ventures,
Split Rock Partners and Versant Ventures.
"We are excited to have closed a significant round of funding to develop
our next innovative ophthalmic technology," said K. Angela Macfarlane,
President and CEO of ForSight VISION3. "The ForSight team is already assessing
dramatic new opportunities."
The existing ForSight VISION companies, Transcend Medical, and ForSight
Newco II (now a wholly owned subsidiary of QLT, Inc.) have each developed high
impact products for major ophthalmic markets.
"Ophthalmology continues to have a considerable need for new technologies
to address vision loss in all market segments," said Eugene de Juan, Jr. MD,
Founder and Vice Chairman of ForSight Labs. "ForSight VISION3 is well
positioned to carefully select and develop successful product solutions." Each
of the venture partnerships will take a seat on the ForSight VISION3 Board of
Directors.
About ForSight Labs, LLC
ForSight Labs is a community of ophthalmic innovation focused on improving
the sight, care, and quality of life of visually impaired patients by creating
high-impact eye care companies (http://www.forsightlabs.com). ForSight Labs,
LLC was established in 2005 by renowned ophthalmologist and retinal surgeon
Eugene de Juan, Jr. MD in collaboration with The Foundry
(http://www.thefoundry.com). In late 2006, ForSight Labs launched its first
company, Transcend Medical, Inc. In October 2007, its second spin out company
ForSight Newco II, Inc., developing a proprietary ocular punctal plug drug
delivery system, was acquired by QLT Inc. (Nasdaq: QLTI; TSX: QLT). ForSight
Labs is backed by investors Morgenthaler Ventures
(http://www.morgenthaler.com), Split Rock Partners (http://www.splitrock.com),
and Versant Ventures (http://www.versantventures.com).
About Morgenthaler Ventures
Morgenthaler Ventures is a leading, national venture capital team with
offices in Menlo Park, CA; Boston, MA; Princeton, NJ, Boulder, CO; and
Cleveland, OH. It concentrates its investments in life sciences and
information technology.
Morgenthaler's Life Science Team focuses on medical devices and
therapeutic pharmaceuticals. Recent investments include Avidia, Morphotek,
Threshold Pharmaceuticals, Replidyne, Orexigen, Thermage, Emphasys, Satiety,
Cierra, Ardian, Cabochon Aesthetics, Transcend and Xtent. The firm has
approximately $2.5 billion under management and has funded more than 250
companies since 1968. For more information on Morgenthaler portfolio companies
and the firm, please visit: http://www.morgenthaler.com/ventures.
About Split Rock Partners
Split Rock Partners, with offices in Menlo Park and Minneapolis, invests
in emerging opportunities in healthcare and internet services primarily on the
West Coast and the Upper Midwest. Split Rock Partners was formed in June,
2004 by the healthcare and software investment teams of St. Paul Venture
Capital. In April, 2005, Split Rock announced the closing of a new
$275 million venture fund. Split Rock Partners' portfolio of healthcare
investments has included such industry leading companies as SpineTech, The
Foundry, Dexcom, Emphasys Medical, Xtent, Atritech, Prometheus Labs, and many
others. Additional information about the firm can be found at
http://www.splitrock.com.
About Versant Ventures
Founded in 1999, Versant Ventures is a leading healthcare venture capital
firm that currently manages over $1 billion in committed capital. Since its
formation, Versant has invested in more than 75 companies in the Medical
Device, Biotech, Healthcare Services and Healthcare Information Technology
sectors. The Versant team of twelve investment professionals located in Menlo
Park and Newport Beach bring together more than 175 years of combined
experience and success as venture capitalists and entrepreneurs. Versant
invests in early-stage healthcare companies promising to be significant,
long-term market leaders. For additional information, please visit
http://www.versantventures.com.
SOURCE ForSight Labs, LLC
http://www.forsightlabs.com
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