Participated · Equity · Jan 2018

Intuity Medical is a Sunnyvale, California-based medical device company focused on simplifying diabetes care through its flagship POGO Automatic Blood Glucose Monitoring System. POGO integrates lancing, blood collection, and glucose analysis into a single step using a self-contained 10-test cartridge, removing the need for separate strips and lancets. The device delivers a result after a four-second countdown from a 0.25-microliter blood sample and received FDA clearance in April 2016. Intuity pairs POGO with its proprietary cloud platform, Patterns Diabetes Management System, to help patients and healthcare professionals identify glucose trends. The company is currently advancing commercialization of POGO while enhancing its digital management capabilities. Financially, Intuity has attracted significant venture backing, most recently expanding its Series 3 equity financing to $55 million.

Participated · Series D · Jul 2017

Sebacia is a clinical- and commercial-stage dermatology and aesthetics company based in Duluth, Ga., developing a proprietary microparticle treatment for moderate to severe acne delivered in a topical suspension that works with existing hair-removal and pigmented-lesion laser systems. The treatment is intended as a physician-guided, in-office procedure that could serve as an alternative to oral antibiotics and isotretinoin. Sebacia reports nearly 2,000 treatments performed to date, the procedure is CE Marked in Europe, and it is being evaluated in U.S. clinical studies. The company intends to use the financing to complete a U.S. pivotal trial with expected results by mid-2018 and to submit to the FDA with a response expected by the end of 2018. Proceeds will also support expansion of its commercial presence in the European Union and strengthening its worldwide patent estate, which includes selective photothermalysis methods developed by Dr. R. Rox Anderson at Massachusetts General Hospital. The company is led by CEO Anthony V. Lando. Sebacia develops the Sebacia Treatment, which uses proprietary Sebacia Gold Microparticles in combination with hair‑removal lasers to reduce acne during in‑office dermatology treatments. The technology has demonstrated efficacy in two clinical studies. The company is led by CEO Anthony Lando and recently named Pedro Medrano as Vice President, Engineering and Program Management. Sebacia plans to complete a pivotal U.S. clinical trial and submit an application to the U.S. FDA to register the device for treatment of moderate to severe acne. It also intends to expand its intellectual property portfolio and prepare for manufacturing scale‑up to support European and U.S. product launches. The company completed a $22M Series C financing to fund these next steps.

Participated · Series G · Jun 2017

Neuronetics develops non-invasive therapies for psychiatric and neurological disorders using MRI-strength magnetic field pulses. The company is considered a leader in transcranial magnetic stimulation (TMS) and has developed NeuroStar® Advanced Therapy, a noninvasive neuromodulation treatment for adult patients with Major Depressive Disorder (MDD). NeuroStar Advanced Therapy has delivered 1.4 million treatments to more than 50,000 patients. Led by President and CEO Chris Thatcher, Neuronetics is based in Malvern, Pa. The company closed a $15M Series G equity round and intends to use the funds to continue to expand operations. The funding supports its commercial and operational growth around its NeuroStar therapy. Neuronetics develops non-invasive transcranial magnetic stimulation (TMS) therapies centered on its NeuroStar TMS Therapy System. The NeuroStar system is indicated for treatment of Major Depressive Disorder in adult patients who have failed to receive satisfactory improvement from prior antidepressant medication in the current episode. It is a non-systemic, non-invasive neuromodulation therapy that stimulates nerve cells by delivering highly focused MRI-strength magnetic field pulses, activating cortical and deep brain structures involved in mood regulation. Treatments are prescription-only and are typically administered daily for 4–6 weeks. The company completed a $34M Series F financing and plans to use the proceeds to expand its commercial resources. Neuronetics also intends to fund a new registration study to investigate NeuroStar TMS Therapy for Major Depressive Disorder in adolescents aged 12 to 21. Neuronetics develops the NeuroStar transcranial magnetic stimulation (TMS) system for the treatment of major depression. The NeuroStar system was cleared by the U.S. FDA in October 2008 and delivers focused MRI‑strength magnetic field pulses to stimulate nerve cells in a brain region linked to depression. The therapy is non‑invasive, does not circulate in the bloodstream or involve surgery, and is typically administered daily for four to six weeks. The treatment is available at more than 300 treatment centers in the United States. Neuronetics completed a $30M Series E financing to expand the reach of NeuroStar for patients who did not get relief from existing therapies. The company is led by President and CEO Bruce J. Shook.

Participated · Series E · Aug 2016

Torax Medical develops and markets products designed to treat sphincter disorders using its Magnetic Sphincter Augmentation (MSA) technology platform. It currently markets the LINX Reflux Management System for gastroesophageal reflux disease (GERD) and the FENIX Continence Restoration System for fecal incontinence in the U.S. and Europe. Led by President and CEO Todd Berg and newly appointed Chief Commercial Officer Chas McKhann, the company focuses on chronic diseases related to weak sphincter muscles. Torax completed a $25M Series E financing to support commercial scaling of its product platform. The company is based in St. Paul, Minn. Torax Medical develops and markets Magnetic Sphincter Augmentation (MSA) implants composed of interlinked titanium beads with magnetic cores to augment defective sphincter muscles. Its lead product, the LINX Reflux Management System for GERD, was approved by the US FDA in March following a unanimous FDA advisory panel recommendation. LINX is marketed in the USA and Europe; the company’s FENIX Continence Restoration System for fecal incontinence is marketed in Europe. Devices are implanted via standard minimally invasive laparoscopic or surgical procedures. The company is headquartered in St. Paul, Minnesota and is privately held. Proceeds from the recent financing will be used to expand commercialization efforts for its family of sphincter augmentation products. Torax Medical won CE Mark approval in the European Union for its Linx implantable device to treat gastro‑esophageal reflux disease. The Linx is a ring of interlinked miniature titanium beads with magnetic cores placed around the esophagus to help the sphincter prevent reflux; the beads separate momentarily to allow swallowing. The device has been implanted in more than 150 patients in the U.S. and Europe in clinical trials. It has not yet been cleared for sale in the U.S.; Torax completed patient enrollment in a pivotal clinical trial in September and could seek FDA approval by the end of the year if the trial goes well. The company has raised $31.5M in equity to date, including an $18M Series C (with $3M from Kaiser Permanente Ventures) and earlier Series B and A financings. Torax was founded in 2002, has about 20 employees, and is led by co‑founder and CEO Todd Berg, formerly of St. Jude Medical.

Participated · Series D · Jan 2014

AqueSys develops, manufactures and commercializes the XEN Gel Stent technology to treat glaucoma. The company is led by President and CEO Ron Bache and is based in Aliso Viejo, California. At the time of the report it had completed enrollment of its first FDA IDE study and begun enrollment of a second FDA‑approved IDE study using an additional XEN Gel Stent model. AqueSys had also initiated focused international commercialization. The company secured new funding to support continued development and commercialization of its XEN Gel Stent. AqueSys, Inc. is an Irvine, California-based medical device company that develops, manufactures and distributes proprietary implants for glaucoma. Its flagship implant offers a 10-minute non-invasive surgical treatment intended to halt glaucoma-related vision loss. The company is focused on advancing clinical development and obtaining regulatory approvals to commercialize its implant. It both manufactures and distributes the devices, indicating an established supply and go-to-market capability. A recent $35m Series C financing positions the company to pursue its clinical, regulatory and commercial objectives. Existing investors including Accuitive Medical Ventures, The Carlyle Group and SV Life Sciences continue to back the company.