Healthcare Industry News: S Series
News Release - November 15, 2007
ConcepTx Medical Launched to Transform Compelling Medical Device Opportunities into New Businesses
The company completeS Series A financing and begins hiring executive staffMINNEAPOLIS--(HSMN NewsFeed)--Recognized medical device leaders Mike Berman, Mike Selzer and Dale Spencer today announced the formation of ConcepTx Medical, Inc. The founders have over 30 years of extensive experience creating and directing numerous successful Twin Cities medical device companies. ConcepTx Medical was created to identify compelling medical device opportunities to treat large, growing and under-treated patient populations and develop them into separate businesses using a proven, capital efficient business model designed to reduce financial risk.
The company also announced that it has closed a $4 million, Series A Convertible Preferred Stock financing co-led by Versant Ventures and Advanced Technology Ventures (ATV). "Completing this financing will enable ConcepTx to focus on recruiting at least two officer level, R&D executives to direct the final selection of our business opportunities and lead the pursuit of establishing separate and proprietary businesses," said Mike Selzer, president and CEO of ConcepTx Medical. “We are very pleased with our investor partners’ support for our plans. I am confident they will add tremendous value in assisting us to create several high value med-tech businesses.”
Versant Ventures and Advanced Technology Ventures (ATV) have long and distinguished track records of success in early stage health care and emerging technology businesses, especially cutting edge medical devices. Each currently manages over $1 billion in capital.
Source: ConcepTx Medical
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