Transcend Medical Inc., a Menlo Park, Calif.-based ophthalmic device company focusing on developing minimally invasive glaucoma therapies, has held the second close of its Series B financing bringing the total amount raised in the round to $51m.
Investors include new backer Investor Growth Capital, and existing shareholders Canaan Partners, Finistere Ventures, HLM Venture Partners, Kaiser Permanente Ventures, Latterell Venture Partners, Morgenthaler Ventures, Split Rock Partners and Technology Partners.
The company intends to use the capital to develop additional infrastructure and resources for a U.S. study of its micro-stent technology (the CyPass® Micro-Stent).
The CyPass Micro-Stent is a tiny implant placed in the eye through a minimally invasive surgical procedure designed to reduce or eliminate the need for glaucoma medications while providing continuous control of intraocular pressure.
Led by Brian Walsh, President and CEO, Transcend spun-out from ForSight Labs, LLC, an incubator focused solely on ophthalmic innovations.