MicroTransponder Inc closed an oversubscribed $53 million Series E funding round led by US Venture Partners (USVP), a multi-stage investment firm. GPG Ventures and Exceller Hunt Ventures return as existing investors alongside new venture investors that include Osage University Partners, Action Potential Venture Capital and The Vertical Group.
The company plans to use the funds to commercialize the Vivistim Paired VNS System and establish it as the recommended rehabilitation intervention for stroke survivors working to improve their quality of life through more hand and arm mobility.
MicroTransponder announced seasoned medical device executive Richard Foust as CEO and Director. “Our investors are energized by MicroTransponder’s vision to enable treatment for the millions of stroke survivors that have ongoing moderate to severe upper limb impairment. Our goal has always been to establish Vivistim Paired VNS as the gold-standard stroke rehabilitation intervention. Today is the day this therapy can help more stroke survivors get back to the daily activities, hobbies and experiences they love,” said Foust.
Foust has over 25 years of strategic leadership in global medical device development and commercialization. He has held executive roles that spanned research and development, marketing, sales and general management at Velano Vascular, Analyte Health, Abbott Vascular, Guidant Corporation, and Perclose.
As part of the investment, Casey Tansey of USVP and Bill Harrington of Osage University Partners will join the board of directors.
“I’m enthusiastic about the MicroTransponder team and the success they have had in building the clinical foundation for Vivistim,” said Tansey. “The quality of the clinical evidence can lead the therapy to become the standard of care and significantly improve outcomes for stroke survivors.”
Vivistim is MicroTransponder’s first FDA-approved use of its novel neuroplasticity-based medical device platform. Vivistim is designed to enhance daily living for people suffering from neurological conditions that impair sensory and motor function.
[Source(s): MicroTransponder Inc, PR Newswire]