Healthcare Industry News: Organ Care System
News Release - April 13, 2007
TransMedics, Inc., Closes $25.5 Million in Series D Funding
ANDOVER, Mass.--(HSMN NewsFeed)--TransMedics, Inc., an emerging medical technology company developing advanced solutions to address the unmet need for better, more effective organ transplants, announced today that it has closed a $25.5 million Series D private equity financing led by funds affiliated with and advised by Tudor Investments.The investment round led by diversified investment management firm Tudor Investment Corporation also included investments from TransMedics' current stockholders: 3i, Alta Partners, CB Health Ventures, Flagship Ventures, Posco BioVentures, Sagamore Bioventures, Sherbrooke Capital and VantagePoint Venture Partners. The proceeds will be used to fund TransMedics' commercial launch of the Organ Care System(TM) in Europe, complete U.S. clinical trials, and to accelerate the development of the Organ Care System's platform for other organs beyond the heart, such as the lung, liver and kidney. Leerink Swann & Company acted as exclusive placement agent to TransMedics on this financing.
The Organ Care System, is the first and only technology capable of maintaining a human organ in a warm, functioning, "living" state outside of the body (hearts beat, kidneys make urine, livers produce bile), to optimize their health and allow ex-vivo clinical evaluation for the first time ever. This system offers the real potential of increasing the availability of donor organs and dramatically reducing the cost of treatment for the large and growing population of end-stage organ failure patients worldwide.
"We have made excellent progress with our European clinical and commercialization programs and succeeded in obtaining U.S. FDA approval for the initiation of our U.S. heart clinical program," said Dr. Waleed Hassanein, president and CEO of TransMedics, Inc. "With this recent round of capital, TransMedics is on track to expand our European commercialization activities as well as our clinical initiatives to prove our value proposition, not only throughout Europe, but world-wide."
"TransMedics' Organ Care System is bridging the ever-widening gap between the number of organs available and the number of patients awaiting transplants," said Michael Stansky, Managing Director at Tudor Investment Corporation. "We're pleased to be part of this success and hope to help continue the momentum of one of the most significant advancements in organ transplantation in decades."
About TransMedics, Inc.
TransMedics is a privately held medical technology company dedicated to extending the life saving benefits of organ transplantation to patients suffering from end-stage organ failure. Headquartered in Andover, Massachusetts, the company was founded in 1998 to address the unmet need for better, more organ transplant technologies. The Organ Care System(TM) is designed to help increase the number of organs utilized for transplantation as well as improve the health of organs being transplanted, improving outcomes and reducing recovery time, hospital stays and reliance on ongoing medical therapies. The system has obtained CE Marking in Europe and has received an Investigational Device Exemption from the FDA to begin clinical studies in the United States. For more information, please visit www.TransMedics.com.
Source: TransMedics
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