US-based medical device producer Transcend Medical has completed a $22m series C round from existing investors and an undisclosed global pharmaceutical and medical device company.
Although it did not explicitly name which investors took part in the round, the company’s existing backers include Kaiser Permanente Ventures, the corporate venturing unit owned by care consortium Kaiser Permanente, which backed Transcend’s $16m series B round in 2012 alongside venture capital firms Investor Growth Capital and Finistere Ventures, and Transcend’s series A backers.
VC firms HLM Venture Partners, Canaan Partners, Latterell Venture Partners, Split Rock Partners, Technology Partners and Morgenthaler Ventures previously invested in the company’s $35m series A round in 2009.
Spun out of healthcare incubator ForSight Labs in 2005, Transcend develops medical devices that treat glaucoma, which is the leading cause of irreversible blindness in adults. The company will use the funding to complete a pivotal trial evaluating the CyPass Micro-Stent, a micro-invasive glaucoma implant.
“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, Transcend Medical’s CEO. “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.”