Transcend Medical Raises $35 Million Series B Round Towards Development of Novel Glaucoma Treatment
MENLO PARK, Calif., June 22 /PRNewswire/ -- Transcend Medical, Inc., an ophthalmic device company dedicated to delivering breakthrough advances in the treatment of glaucoma, announced today that it has closed a $35 million Series B round and is continuing the rapid development of its Transcend CyPass(TM) System, a novel proprietary system for the minimally-invasive treatment of glaucoma.
Lead investor HLM Venture Partners, along with other new investors Canaan Partners, Technology Partners and Latterell Venture Partners made significant contributions to this round of financing, which was also strongly supported by current investors Morgenthaler Ventures and Split Rock Partners.
"Completing this round is a testament to the progress of our technology and a strong validation of its potential to impact the future of glaucoma treatment," said Brian Walsh, President and Chief Executive Officer of Transcend Medical. "We are now well-capitalized to accomplish all initial clinical and commercial milestones for the company."
The Transcend CyPass System is being developed to both replace current glaucoma therapies, which either lack effectiveness or are very invasive, and to expand treatment to a much larger patient population. Transcend Medical is focused on a less invasive procedure using a novel, proprietary system that reduces intraocular pressure (IOP).
"There is a significant need to improve how we treat glaucoma," commented Eugene de Juan, Jr., M.D., Jean Kelly Stock Distinguished Professor of Ophthalmology at UCSF and Founder of Transcend Medical. "Today's treatment options for glaucoma are highly limited and only feasible in a limited portion of those affected by the disease worldwide."
"We are encouraged by the CyPass System's minimally invasive delivery which is of significant benefit to patients, provides important ease of use features for physicians, and could result in earlier intervention in the glaucoma disease process," added Ike Ahmed, M.D., Assistant Professor, University of Toronto who is a world renowned glaucoma specialist and a clinical investigator of the CyPass System. "The CyPass System has shown promising initial results in a challenging population, with a very straight-forward procedure. We have been quite impressed with our experience to date in this growing patient group."
About Transcend Medical, Inc.
Transcend Medical (www.transcendmedical.com) is focused on the research and development of medical devices for the treatment of glaucoma, the leading cause of adult irreversible blindness. It is estimated that nearly four million people in the U.S. and 70 million worldwide are afflicted with the disease today and the numbers are expected to grow to nearly six million in the U.S. and to over 80 million worldwide by the year 2013. Based in Menlo Park, Calif., Transcend Medical was the first company to be spun out of ForSight Labs (www.forsightlabs.com), an incubator solely focused on ophthalmic innovations.
SOURCE Transcend Medical, Inc.