Healthcare Industry News: Millennium
News Release - September 4, 2008
Microfabrica Secures $22.5 Million Funding to Grow Its Medical Device BusinessVersant Ventures and Interwest Partners Co-Lead Series B Financing; Three New Board Members Added
VAN NUYS, CA--(Healthcare Sales & Marketing Network)--Sep 4, 2008 -- Microfabrica, Inc., a leading developer of micro-devices, has closed $22.5 million in Series B financing co-led by venture capital firms Versant Ventures and Interwest Partners. Previous investors in the company include Draper Fisher Jurvetson, DynaFund Ventures, Chevron Technology Ventures, and Partech International who also participated in the round.
The Series B investment will be primarily targeted at the expansion of Microfabrica's products and capabilities in minimally invasive medical devices. In addition, the funds will continue to expand production capacity and capabilities in the company's growing electronics and defense businesses.
Three new members were added to the now six-member Microfabrica Board. The new Board members are: Warren Packard, General Partner of Draper, Fisher & Jurvetson; Michael Sweeney, General Partner of Interwest Partners, and Kevin Wasserstein, Managing Director of Versant Ventures. Additional members of the Board are: Vacit Arat, Microfabrica President and CEO; Adam Cohen, Microfabrica Executive VP and CTO; and Eugene Chen, USGI President & CEO (independent Director).
"Microfabrica is a visionary company, pursuing a fundamental new wave in medical device development -- micro-devices -- the next generation of minimally invasive medical devices," said Kevin Wasserstein, Managing Director at Versant Ventures. "Microfabrica's remarkable technology enables extraordinarily sophisticated and unique metal micro-scale/MEMs-scale devices and micro machines which were previously impossible or impractical to design and manufacture."
"The capabilities and solutions that have already been demonstrated by Microfabrica are just the tip of the iceberg," said Michael Sweeney, General Partner at Interwest Partners. "We believe that Microfabrica can revolutionize device development, and enable a wide variety of solutions to address unmet clinical needs."
"We are delighted with this strong vote of confidence from two of the most prominent venture capital firms in the medical device field," said Vacit Arat, President and CEO of Microfabrica, Inc. "This investment further enables us to deliver pioneering solutions to patients worldwide."
For further information on Microfabrica or its EFAB technology, please visit www.microfabrica.com.
About Microfabrica Inc.
Microfabrica Inc. is a leading developer of micro and millimeter-scale mechanical devices used in a large variety of medical device, electronics and defense applications. The company's unique EFABŪ technology enables an unprecedented level of device complexity; from feature-rich, static millimeter to centimeter scale devices with micron-scale features, to fully assembled micro-mechanisms with dozens of independently moving parts, all without any assembly. EFAB technology opens up a world of possibilities for sophisticated, miniaturized devices which are either impossible or impractical to manufacture using other methods.
Microfabrica is based in Van Nuys, California. For more information, please visit www.microfabrica.com.
About Versant Ventures
Versant Ventures is a leading healthcare-focused venture capital firm specializing in seed and early-stage investments in medical devices, biotechnology and pharmaceuticals. Founded in 1999, Versant's seasoned investment team of 11 Managing Directors and four investment professionals have more than 125 years of venture capital and 115 years of operating experience combined. The firm seeks to invest in visionary companies targeting segments where there is an opportunity to make significant clinical improvements through innovation.
Versant recently closed on its fourth fund, a $500M fund. With this fund, Versant currently manages in excess of $1.6B. To date, Versant has funded more than 95 healthcare companies in more than 15 therapeutic areas including ophthalmology, diabetes, aesthetics, and spine. Some examples of recent impact companies include: LipoSonix, Inc.; St. Francis Medical Technologies, Inc.; NovaCardia, Inc.; Pharmion Corp.; Eyeonics, Inc.; and a number of now-current public companies including Genomic Health; Insulet Corp.; and Cadence Pharmaceuticals, Inc. Versant has offices in Menlo Park, Newport Beach, and San Francisco, California.
About Interwest Partners
InterWest Partners (www.interwest.com), founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. Currently investing its tenth fund, IW X, a $650 million fund, InterWest has raised more than $2.8 billion of capital since inception. InterWest has 14 investing partners in Menlo Park, CA, and Dallas, TX, who bring together deep domain knowledge in life sciences and information technology. The firm's investments in information technology include: CIENA, Copper Mountain Networks, Crystal Semiconductor (acquired by Cirrus Logic), Cyrix (acquired by National Semiconductor), Lightera (acquired by CIENA), PlaceWare (acquired by Microsoft), SiTera (acquired by Vitesse), Silicon Graphics, Stratacom (acquired by Cisco) and Xilinx.
The firm's investments in life sciences include: ArthroCare, Aspreva Pharmaceuticals Corporation (acquired by Galenica group), Cor Therapeutics (acquired by Millennium Pharmaceuticals), Corixa (acquired by GlaxoSmithKlein), Coulter Pharmaceutical (acquired by Corixa Pharmaceuticals), Cubist Pharmaceuticals, Epicor Medical (acquired by St. Jude Medical), Inspire Pharmaceuticals, IntraLase, Myogen, Spinal Dynamics (acquired by Medtronic), TheraSense (acquired by Abbott Labs) and Ventritex (acquired by St. Jude Medical).
Source: Microfabrica Inc
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