Transcend Medical Announces Closing of $22 Million Series C Financing
Funding Supports Completion of Landmark Pivotal Trial for Breakthrough Glaucoma Micro-Stent
MENLO PARK, Calif., April 2, 2014-- Transcend Medical, Inc., a medical device company dedicated to the development of minimally invasive glaucoma interventions for the ophthalmic surgeon, announced today the closing of a $22 million Series C preferred equity investment. Existing investors and an undisclosed global pharmaceutical and medical device company participated in the round.
The funds will support completion of the US-based, randomized, controlled COMPASS pivotal trial evaluating the CyPass® Micro-Stent, a next-generation, micro-invasive glaucoma implant, in the largest enrolled glaucoma surgery study to date. The follow-up period for the COMPASS trial is scheduled to complete in the second quarter of 2015.
"Securing this funding from new and existing investors demonstrates continued confidence in our ability to bring to market the innovative CyPass Micro-Stent technology," said Brian Walsh, President and Chief Executive Officer of Transcend Medical. "The COMPASS pivotal trial will provide an unprecedented amount of data for a glaucoma micro-stent, and we are proud to be leading such a rigorous development program. With the new funds, Transcend will continue executing our strategy to bring this breakthrough therapy to the many patients suffering with glaucoma around the world."
Glaucoma is a progressive disease of the optic nerve, usually the result of abnormally high intraocular pressure (IOP). Glaucoma affects 65 million people worldwide and is the leading cause of irreversible blindness.1 While topical medications to lower IOP are first-line therapy and represent a > $5 billion market,2 patient adherence is low,3 and many require alternative therapies.
About the CyPass Micro-Stent
The CyPass Micro-Stent is the first micro-invasive glaucoma stent designed to reduce intraocular pressure (IOP) by enhancing aqueous outflow to the suprachoroidal space, which is an important part of one of the eye's natural, alternative drainage pathways. Implanted using a minimally invasive procedure to bypass the ciliary body, the CyPass device is designed to leverage the same mechanism of action targeted by prostaglandin analogues -- the most effective medical treatment for IOP. Targeting this outflow pathway avoids the trabecular meshwork and Schlemm's canal -- the drainage path that is believed to be compromised in glaucomatous eyes. The CyPass Micro-Stent has received the CE Mark; however, the device is currently only for investigational use in the U.S.
About Transcend Medical, Inc.
Transcend Medical (www.transcendmedical.com) is focused on the development of minimally invasive medical devices for the treatment of glaucoma, the leading cause of adult irreversible blindness. Over 4 million people in the U.S. and roughly 65 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. The current investor syndicate includes mag, Split Rock Partners, Canaan Partners, Investor Growth Capital, Technology Partners, HLM Venture Partners, Latterell Venture Partners, Kaiser Permanente Ventures, Finistere Ventures and the undisclosed corporate investor.
1 Quigley HA. Number of people with glaucoma worldwide in 2010 and 2020. Br J Ophthalmol. 2006 Mar;90(3):262-7.
2 Market Scope. 2012 Report on the Global Glaucoma Surgical Device Market. September 2012.
3 Muir KW. Glaucoma medication adherence: room for improvement in both performance and measurement. Arch Ophthalmol 2011 Feb;129(2):243-5.
Caution: Investigational Device. Limited by Federal (USA) law to investigational use.
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