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TransMedics, Inc. Secures $36 Million Round of Financing Led by Foundation Capital and Kleiner Perkins Caufield & Byers
Andover, Massachusetts - March 4, 2010
TransMedics, Inc., a leading medical device company focusing on delivering the next standard of care for solid organ transplantation worldwide, announced today the closing of a $36 million financing round. The financing was lead by Foundation Capital and Kleiner Perkins Caufield & Byers (KPCB) and also included investments by Flagship Ventures and by several existing investors.
TransMedics is the maker of the Organ Care System (OCS™). The OCS™ is a breakthrough technology platform, which maintains donor organs in near-physiologic and functioning condition during transport for organ transplantation. The OCS™ has the potential to significantly improve post-transplant clinical outcomes and expand the number of transplant procedures performed annually based on its unique and proprietary capabilities to overcome the current challenges of cold storage approach to donor organs. The OCS™ platform has been recognized by the Cleveland Clinic Foundation as one of the Top 10 Medical Innovations for 2009, and by CNN as one of the Top 10 Healthcare Innovations of 2009. In addition, OCS™ technology was featured in the February, 2007 issue of National Geographic magazine in an article titled "Mending Broken Hearts." The article discussed the latest and most promising medical technologies to address the growing heart failure epidemic.
"We are excited at the high level of confidence our investors have in our transforming technology and market potential," said Dr. Waleed Hassanein, President and CEO of TransMedics, Inc. "This financing enables us, over the next two years, to expand our commercial presence into the US market with our heart OCS™ device and to globally launch the OCS™ lung device."
"All of us at Foundation are thrilled to be part of such a high quality company and investor syndicate. TransMedics' OCS™ system can positively impact the quality of life for thousands of people each year, and will fundamentally change the way society thinks about organ transplantation. We are proud to play a small role in their team's road to commercial success," said Mr. Adam Grosser, General Partner, Foundation Capital.
"The field of solid organ transplantation is undergoing revolutionary advances, and TransMedics is positioned to emerge as the world leader in the field. We at Kleiner Perkins are extremely motivated to invest in companies that matter, that improve peoples lives in a significant way—TransMedics clearly meets that criteria." said Mr. Joe Lacob, Partner, KPCB.
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