Johnson & Johnson Innovation – JJDC, the strategic investment arm of healthcare product group Johnson & Johnson, led US-based medical device provider Torax Medical’s $25m series E round on Thursday.
The round also featured Kaiser Permanente Ventures and Mayo Clinic Ventures, the respective corporate venturing vehicles for care consortium Kaiser Permanente and medical researcher Mayo Clinic.
The corporates participated alongside institutional investors Sanderling Ventures, Thomas McNerney & Partners, Accuitive Medical Ventures and Piper Jaffray Companies.
Torax’s devices treat chronic diseases related to weak sphincter muscles, including gastroesophageal reflux disease (GERD) and faecal incontinence. It will use the funding to continue commercialising its products, which have received regulatory approval in the US and Europe.
The company has now raised approximately $103m in equity and debt financing since it was founded in 2002, according to regulatory filings and press releases.
Piper Jaffray Merchant Banking, a subsidiary of Piper Jaffray, led Torax’s $30m series D round in 2012, which also included Kaiser Permanente, Mayo Clinic subsidiary Mayo Medical Ventures, Thomas McNerney & Partners, Sanderling Ventures and Accuitive Medical Ventures.
Mayo Medical Ventures and Sanderling provided $3.5m in series A funding for Torax before being joined by Thomas, McNerney & Partners for a $10m series B round in 2005.