Healthcare Industry News:  NSVascular 

Devices Ophthalmology Personnel Venture Capital

 News Release - April 2, 2007

ForSight Labs, LLC Announces New CEO Appointment and the Series A Funding of a Second Company

MENLO PARK, Calif., April 2 (HSMN NewsFeed) -- ForSight Labs, LLC, today announced the appointment of K. Angela Macfarlane as President and CEO of ForSight Labs. In addition, ForSight Labs announced the recent close of a Series A funding for their second company. This new company raised an initial $5-million round of funds from Morgenthaler Ventures, Split Rock Partners and Versant Ventures. ForSight Labs is an ophthalmic technology incubator founded in late 2005 by retinal surgeon and successful entrepreneur Eugene de Juan, Jr., M.D. and The Foundry, a long-established medical device incubator based in Menlo Park. The Foundry recognized an unmet need in ophthalmology and launched ForSight Labs with Dr. de Juan to create new ophthalmic companies which address vision impairment and other diseases of the eye.

"Angela was a key leader at The Foundry and was instrumental in the creation of ForSight Labs," said Dr. de Juan. "It was a natural fit to bring her on board as President and CEO. She has a wealth of experience in the formation of new businesses, patent portfolio creation, strategic negotiations and corporate development. This combination of strategic management experience is just what we were looking for and I am thrilled with her appointment."

Prior to her appointment as President and CEO, Ms. Macfarlane served as Chief Technology Counsel at The Foundry and acting Chief Technology Counsel at ForSight Labs. From 1999 to 2004, Ms. Macfarlane served as Technology Counsel for Thomas J. Fogarty, M.D., and several start up companies founded by Dr. Fogarty. Previously, Ms. Macfarlane served as part of the senior management team and in-house counsel at several medical device start-up companies, including TraNSVascular, Inc., AneuRx, Inc., and VidaMed Inc (all acquired by Medtronic, Inc).

"I am incredibly excited about the ForSight Labs opportunity, and look forward to driving innovation, partnerships and companies that can provide solutions for millions of patients facing vision impairment," said Ms. Macfarlane, "ForSight Labs has assembled an impressive team with a charging entrepreneurial spirit to create and leverage technology, and get things done."

In connection with the announcement of Ms. Macfarlane as President and CEO, Hanson S. Gifford, III has been appointed Chairman of the Board of ForSight Labs. Mr. Gifford has served as President and CEO of ForSight Labs since its inception, while maintaining his role as President and CEO of The Foundry. Dr. de Juan will assume the role of Vice-Chairman.

"The opportunities within the ophthalmic marketplace are tremendous, and ForSight Labs is demonstrating its ability to create companies that address those needs," said Mr. Gifford. "The team is complete with the appointment of Angela as President and CEO, and I am delighted to remain with ForSight Labs as Chairman."

The initial $5 million raised for the second company will be used to develop emerging technologies in a variety of ophthalmic markets. In late 2006, ForSight Labs launched its first spin off, Transcend Medical, led by CEO Mitchell B. Campbell, which has raised over $9 million in capital.

ForSight Labs and Transcend Medical have moved into a new facility at 191 Jefferson Drive, Menlo Park, giving space for the companies to grow. The new facility includes offices, research and development labs, and a clean room for pilot manufacturing.

About ForSight Labs

ForSight Labs, LLC is an ophthalmic incubator designed to create innovative, high-growth eye care companies. It was founded in 2005 and is based in Menlo Park, CA. In late 2006, ForSight Labs launched its first company, Transcend Medical, Inc. Its investors include Morgenthaler Ventures (http://www.morgenthaler.com), Split Rock Partners (http://www.splitrock.com) and Versant Ventures (http://www.versantventures.com). For more information, please visit the ForSight Labs website at http://www.forsightlabs.com.

About The Foundry®

Founded in 1998 and located in Menlo Park, California, The Foundry is the medical device industry's premier new company incubator. Working in partnership with inventors, The Foundry brings together the rapid prototyping, intellectual property, funding, operating team and leadership which transforms concepts into companies. Additional information may be found at http://www.thefoundry.com .


Source: ForSight Labs

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