Healthcare Industry News: Sensory Medical
News Release - September 10, 2008
Sensory Medical, Inc. Announces $2.5 Million Series A FinancingSAN CLEMENTE, CA--(Healthcare Sales & Marketing Network)--Sep 10, 2008 -- Sensory Medical, Inc., a medical device company focused on a new treatment for Restless Legs Syndrome (RLS), today announced the closing of a $2.5 million Series A financing. Salt Creek Medical Device Development (Salt Creek Medical), a medical device company "generator," provided all of the financing through its venture fund, Salt Creek Fund I. The company will use the funds to launch an FDA clinical study on a new device for treatment of RLS.
In connection with the Series A financing, Jim Voelker, advisor to the Salt Creek Fund I and Chairman, CEO and President of InfoSpace, will join Sensory Medical's Board of Directors.
About Salt Creek Medical Device Development
Salt Creek Medical was formed in 2006 by Fred Burbank, M.D., Mike Jones and Al Memmolo. This experienced team started, developed, and completed the sale of Vascular Control Systems, Inc. (San Juan Capistrano) to Ethicon, Inc., a Johnson & Johnson Company, in May 2006. Dr. Burbank is also the previous founder and principal inventor of the technologies developed and commercialized by Biopsys (acquired by Ethicon Endo-Surgery, Inc., a Johnson & Johnson Company in 1997) and SenoRx (Aliso Viejo, CA). Salt Creek Medical has the core operating skills to develop early stage companies and the tactical leadership to drive each to a successful exit process.
About Salt Creek Fund I
Among others, the investors in Salt Creek Fund I include Shea Ventures and Johnson & Johnson Development Corporation. The Fund managers charge no fee or carry. The fund was raised exclusively to minimize time-loss doing round-by-round fund raising for 5-6 separate companies. The Fund's first closing of $15.5 million was December of 2007.
Since the first closing of the Salt Creek Fund I has now financed two Series A medical device start-ups:
Mariposa Biotechnology, Inc.
This company was formed to develop automated instrumentation for the in-vitro fertilization (IVF) industry and other cell-based therapies. The initial instrumentation is designed to prevent damage during IVF freezing and thawing resulting in healthier embryos and eggs and higher birth rates at IVF clinics.
Sensory Medical, Inc.
This company was formed to develop medical device treatments for patients with Restless Legs Syndrome (RLS). Early testing indicates that a suite of patient-specific medical devices will be successful in treating RLS.
Source: Sensory Medical
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