Ophthalmic device company Transcend Medical has closed its second tranche, bringing the total of Series B to $51 million. Investor Growth Capital (IGC) joined this tranche, as did Canaan Partners, Finistere Ventures, HLM Venture Partners, Kaiser Permanente Ventures, Latterell Venture Partners, Morgenthaler Ventures, Split Rock Partners and Technology Partners.
Transcend will use the funds to develop additional infrastructure and resources for its U.S. pivotal study of the CyPass Micro-Stent, as well as for ongoing international clinical trials and development of next-generation glaucoma solutions.
The microstent 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 microstent may reduce or eliminate the need for glaucoma medications while providing continuous control of intraocular pressure.
"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."
Menlo Park, CA-based Transcend was the first company to be spun out of ForSight Labs, an incubator solely focused on ophthalmic innovations.
- see the Transcend release