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NEA-Incubated Acclarent Acquired by Johnson & Johnson's Ethicon
Date:12/16/2009

CHEVY CHASE, Md., Dec. 16 /PRNewswire/ -- New Enterprise Associates, Inc. (NEA), a leading global venture capital firm, today announced that one of its portfolio companies, Acclarent, Inc., has entered into a definitive agreement to be acquired by Ethicon, Inc., a Johnson & Johnson company, in an all-cash transaction for approximately $785 million (net of estimated cash on hand at time of closing). A medical technology company dedicated to designing, developing and commercializing devices that address conditions affecting the ear, nose and throat (ENT), Acclarent was founded by the exclusively NEA-funded ExploraMed incubator in 2004. Today the company's innovative products have been used to treat more than 95,000 patients.

Acclarent's successful outcome exemplifies NEA's pioneering approach to the development of novel medical technologies through incubators like ExploraMed. Acclarent was co-founded by NEA Venture Partner and ExploraMed CEO Josh Makower, MD. Dr. Makower became deeply interested in developing a new treatment option for patients suffering from chronic sinusitis. As he and co-founder John Chang began to build a vision for Acclarent's first approved product--ultimately the company's innovative Balloon Sinuplasty(TM) technology--the incubator model allowed them to execute a proof of concept human clinical study prior to completing a round of financing for the company.

"The incubator model enabled us to focus on clinical needs first and really develop the technology before investing a tremendous amount of capital, energy and human resources in taking the project forward," said Dr. Makower. "With the financial and intellectual resources from NEA, we were able to move through early proof of concept and even into early clinical testing, which enabled us to bring a much more fully developed business plan forward when the time came to raise a significant round of venture capital for Acclarent."

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SOURCE New Enterprise Associates, Inc.
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