Transcend Medical, Inc.
Funding to Expedite Largest-Ever Surgical Glaucoma Study Currently Underway
MENLO PARK, CA 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
[email protected].