To Maintain Roles as Vice Chairman of The Foundry and Advisor to ForSight
MENLO PARK, Calif., Sept. 4 /PRNewswire/ -- Morgenthaler Ventures (http://www.morgenthaler.com/ventures), a leading venture capital firm focused on life science and information technology investments, today announced the addition of Hank Plain as partner in its Menlo Park office. Plain brings significant entrepreneurial experience and deep knowledge of the medical- device industry, having co-founded eight startup medical device companies and directed the exits of four companies with a combined value well in excess of $1 billion.
Plain was the president and CEO at Perclose, Inc. from 1993 to 2000, during which he led the company to $100 million in sales and managed the company's successful IPO and acquisition in 1999 by Abbott Laboratories for $650 million. He was chairman of Embolic Protection, where he helped negotiate the acquisition of the company in 2001 by Boston Scientific for $200 million. He also served as a director at TransVascular until Medtronic acquired the company in 2003 for an undisclosed amount. Plain serves as chairman of Xtent, Inc., which completed a successful IPO in February of this year. Previously, Plain worked at Eli Lilly for 12 years in various management positions.
"We have worked with Hank since 1994, beginning with our investment in Perclose, and have maintained a close working relationship since then through our investments in The Foundry, ForSight Labs and ten of the Foundry/ForSight- incubated companies," said Robin Bellas, partner at Morgenthaler. "I know few executives with Hank's track record, industry expertise and management talent. He is the quintessential serial entrepreneur and will make a great impact on our firm and our portfolio companies."
In addition to serving as an advisor and board member to current Morgenthaler portfolio companies, Plain will focus on new investment opportunities in the medical device market. Morgenthaler is regarded as a leading medical device investor with companies in this sector that include: Xtent; Thermage; Perclose; CardioThoracic Systems; Integrated Vascular Systems; Lumend and emerging leaders such as SpineWave and Emphasys.
The Foundry and ForSight Labs
Plain joins Morgenthaler from The Foundry, the premier medical-device incubator based in Menlo Park, CA, where he will continue to serve as vice chairman (http://www.the-foundry.com). Since 1998, The Foundry has created 11 companies which have collectively raised over $500 million in venture financing. All Foundry-incubated companies address important clinical needs such as obesity, stroke, emphysema and heart valve disease with devices and procedures that offer dramatically less invasive and expensive alternatives to existing solutions.
"We congratulate Hank on his new role at Morgenthaler and are especially pleased that his involvement with The Foundry and its companies is unchanged. He will continue to help us build successful companies that solve important clinical needs," said Hanson Gifford, president and CEO of The Foundry.
Plain will also continue to serve as an advisor to ForSight Labs (http://www.forsightlabs.com), an ophthalmic medical-device incubator co-founded by Dr. Eugene de Juan and The Foundry. ForSight Labs is focused on creating innovative companies to treat diseases of the eye. ForSight Labs is based in Menlo Park, CA and has created two companies since 2005: Transcend Medical and ForSight Vision2 (Newco II) both addressing major ophthalmic market opportunities.
"Hank continues to be a key ForSight advisor because of his unique ability to coach and guide companies from inception to exit. His talent in mentoring medical-device CEOs and entrepreneurs is critical to early stage companies such as those created by ForSight, and we are delighted that Hank will continue to be part of our community," said Angela Macfarlane, president and CEO of ForSight Labs.
About Morgenthaler Ventures
Morgenthaler Ventures is a leading, national venture capital team with offices in Menlo Park, CA; Boston, MA; Princeton, NJ, Boulder, CO; and Cleveland, OH. It concentrates its investments in life sciences and information technology.
Morgenthaler's Life Science Team focuses on medical devices and therapeutic pharmaceuticals. Recent investments include Avidia, Morphotek, Threshold Pharmaceuticals, Replidyne, Orexigen, Thermage, Emphasys, Satiety, Cierra, Ardian, Cabochon Aesthetics, Transcend and Xtent. The firm has approximately $2.5 billion under management and has funded more than 250 companies since 1968. For more information on Morgenthaler portfolio companies and the firm, please visit: http://www.morgenthaler.com/ventures.
|SOURCE Morgenthaler Ventures|
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