- Financing Led by Clarus Ventures -
MOUNT OLIVE, N.J., Jan 12 /PRNewswire/ -- InSet Technologies, an emerging leader in the development of programmable implantable pumps for targeted delivery of medication, announced today the closing of equity financing totaling $25 million.
Clarus Ventures, a life sciences venture capital firm, led the round and was joined with a follow-on investment by FatBoy Capital, LP. In conjunction with the financing, Kurt C. Wheeler of Clarus Ventures will join the InSet Technologies' Board of Directors.
"Our investment in InSet Technologies validates their remarkable achievement of key company milestones over a very short period of time," stated Kurt C. Wheeler, Managing Director, Clarus Ventures. "With this new financing, InSet Technologies is well positioned to finalize its regulatory path towards approval, build its sales and marketing team in advance of launch and rapidly grow its innovative product portfolio."
"Completion of our financing in this difficult economic environment is a strong testament to the value of our technology, the progress of our company, and the insight of Clarus Ventures and our other investors. With this funding, we look forward to continuing our progress to provide new therapeutic options to both physicians and patients," said Steve Adler, President and CEO of Inset Technologies. "Additionally, we are excited to have Kurt Wheeler join our Board of Directors. Kurt brings 25 years of experience successfully commercializing medical device companies to InSet Technologies' Board."
About InSet Technologies
InSet Technologies Incorporated (www.insetinc.com) is a privately-held company solely focused on developing totally implantable pumps delivering targeted medications directly to the spinal cord (intrathecal space) to achieve potentially improved functional relief with a dramatic reduction in the side effects from high doses of drugs for chronic pain, cancer pain and spasticity, a market potential in excess of $5 billion.
About 70 million people in the United States live with chronic pain. According to the National Institutes of Health, the annual cost of chronic pain in the United States, including healthcare expenses, lost income, and lost productivity, is estimated to be $100 billion, more than heart disease and cancer combined.
CAUTION: Prometra(R) pumps are Investigational Devices which have not yet been approved by the FDA.
About Clarus Ventures
Clarus Ventures is a life sciences venture capital firm founded by a team of accomplished investment professionals with extensive and complementary industry backgrounds which have enabled them to establish a long history of success in creating value. Their deep relationships with world thought leaders and decision makers allow this team to identify unique investment opportunities and shepherd them to maturity. Clarus augments its core expertise of investing in biopharmaceuticals and medical technology companies with the deep and diverse expertise of the team in research and development, commercialization, business development and operations management at the global level. Clarus is based in Cambridge, MA and San Francisco, CA and presently manages over $1.2 billion across two life-sciences dedicated funds.
For additional information on Clarus Ventures, please visit www.clarusventures.com.
|SOURCE InSet Technologies|
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