Healthcare Industry News: colonoscopy
News Release - December 13, 2006
Softscope Medical Technologies, Inc. Completes $4 Million Series A FinancingST. LOUIS PARK, Minn., Dec. 13 (HSMN NewsFeed) -- Softscope Medical Technologies, Inc., an early stage medical device company developing an innovative technology designed to significantly improve endoscopic procedures, announced today that it has completed a $4 million Series A round of private financing. The financing was led by Thomas, McNerney & Partners and Accuitive Medical Ventures.
Proceeds of the financing will be used to complete the product design, add key personnel and to obtain FDA clearance for the company's initial device. The company's first product is aimed at improving colonoscopy, a procedure that is performed over 15 million times in the United States each year. Softscope's technology is designed to aid physicians by reducing procedure times and to make colonoscopies more comfortable for patients.
"We believe that Softscope's technology has the potential to advance the field of endoscopy," stated Troy Ziegler, President and Founder of Softscope. "We are excited to move forward on the development of this unique technology."
As a result of the financing, two new members have joined Softscope's board of directors: Kathy Tune from Thomas McNerney & Partners and John Deedrick from Accuitive Medical Ventures.
"We are pleased to be backing Softscope's talented management team and look forward to helping the Company prepare for their first FDA clearance," noted Kathy Tune. "We see a great opportunity in a technology that can positively change the way in which gastroenterology procedures are performed in the future."
"Our investment in Softscope represents an exciting opportunity to build a new company focused on the high growth market for gastroenterology based products," added John Deedrick. "We look forward to working closely with the company in an effort to maximize the potential for its current and future products."
About Softscope Medical Technologies, Inc.
Softscope Medical Technologies, Inc., founded in 2003, is a privately owned, pre-clinical stage medical device company headquartered in St. Louis Park, MN. Softscope is focused on developing an innovative medical technology designed to significantly improve the performance of endoscopic equipment. The company's products are not currently offered for sale in any country.
About Thomas, McNerney & Partners
Thomas, McNerney & Partners, LLC, is a health care private equity firm that invests in life science and medical technology companies. Employing a multi-stage investment approach, Thomas, McNerney & Partners has just under $600 million in assets under management and provides seed and early stage funding to help entrepreneurs launch companies, as well as growth capital to emerging companies for furthering clinical development or for expansion of product commercialization. For more information, please visit: www.tm-partners.com.
About Accuitive Medical Ventures
Accuitive Medical Ventures, LLC, is a venture capital firm that invests in medical technology companies. Employing an early stage investment approach, Accuitive has just under $160 million in assets under management and provides seed and early stage funding to help entrepreneurs launch companies. Accuitive has a proprietary relationship with The Innovation Factory, a world renowned medical device incubator located in Atlanta, GA. For more information, please visit: www.amvpartners.com
Source: Softscope Medical Technologies
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