Healthcare Industry News: Novo Ventures
News Release - February 1, 2011
Spiracur Announces Close of $35 Million FundingProceeds Support Commercialization of SNaP Wound Care System
SUNNYVALE, CA--(Healthcare Sales & Marketing Network) - Spiracur® Inc., the developer of an ultraportable and single-use, negative pressure wound therapy (NPWT) device, announced today the closing of a $35 million round of equity financing. The round was led by new investor Maverick Capital, Ltd. Funding was also provided by new investor Pinnacle Ventures, L.L.C., and existing investors De Novo Ventures, Kleiner Perkins Caufield & Byers and New Leaf Venture Partners. In connection with this financing, Eric J. Kim, a managing director with Maverick Capital, has joined Spiracur's board of directors.
"We are excited to join Spiracur as an investor," said Eric J. Kim of Maverick Capital. "We believe the company's SNaP® Wound Care System is a novel therapy that is significantly improving the treatment of patients suffering from chronic wounds. In addition, Spiracur's device is small, lightweight and easy to use, which is more attractive to patients."
"We are very pleased to add Maverick Capital and Pinnacle Ventures as our new partners," said Gary Restani, president and chief executive officer. "This investment further validates our proven technology and Spiracur's team of dedicated employees. The capital raised will be used to fund commercialization of the SNaP Wound Care System throughout the United States and the European Union, as well as fund the company's ongoing research and development efforts."
Spiracur's SNaP Wound Care System (Smart Negative Pressure) is changing the approach of how wound healing is delivered to patients. Its inventive design eliminates the electric or battery powered pump used to deliver NPWT. The SNaP System is completely silent and lightweight, weighing only 2.2 ounces. In addition, the device is discreet and can easily fit under a patient's clothing, which has resulted in significantly improved patient acceptance and compliance of the therapy.
About Spiracur Inc.
Spiracur Inc., headquartered in Sunnyvale, Calif., is a privately held medical device company focused on the development of innovative wound healing technologies. Spiracur was founded out of the Stanford Biodesign Innovation Program in 2007. Its first product, the SNaP Wound Care System, is the result of patient and clinician feedback that current negative pressure wound therapies were too cumbersome. The SNaP Wound Care System was cleared by the U.S. Food & Drug Administration (FDA) in August 2009 in a new therapy category the FDA has defined as "non-powered" NPWT devices, and the company obtained CE Mark approval for the device in December 2010. The SNaP Wound Care System is indicated for patients who would benefit from a suction device for wound healing and further indicated for removal of small amounts of exudate (fluid) from chronic, acute, traumatic, subacute and dehisced wounds, as well as ulcers (such as diabetic or pressure), and surgically closed incisions. Spiracur strives to develop products that truly focus on patient care. For more information, please visit http://www.spiracur.com.
SNaP, Spiracur and the Spiracur Design are registered trademarks of Spiracur Inc.
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