"The visionary leadership of Bill Facteau was as instrumental to Acclarent's success as the technology," said Dr. Makower. "He built a fantastic team that has delivered on every financial milestone that was promised at the time of the first investment. Bill broadened the mission of Acclarent and put in place the organization and processes to realize enterprise success for patients, physicians, and stockholders."
Acclarent's acquisition represents one of the largest acquisitions of a privately-held medical device company in 2009. A second company created by an NEA-funded incubator, Evalve, Inc., also ranks among the largest transactions for the year following its acquisition by Abbott Laboratories in September for $320 million plus potential milestone payments.
NEA Special Partner John Nehra and NEA General Partner Ryan Drant represent the firm on the board of ExploraMed and have worked closely with Dr. Makower to develop the successful ExploraMed medical device incubator model.
"Incubation allows us to be actively involved in defining the scope of the project, assessing the capital requirements, and ensuring that the technology is addressing large, available markets," said Mr. Nehra. "Creating companies yields far greater benefits than investing in a deal farther down the road. NEA can take advantage of its significant capital base to be the sole investor in the early high-risk period, and therefore begins with a substantial ownership position and is able to maintain it through additional rounds of investment. Just as importantly, incubators allow us to develop long-term relationships with industry leading entrepreneurs and innovators."
The ExploraMed incubator has
|SOURCE New Enterprise Associates, Inc.|
Copyright©2009 PR Newswire.
All rights reserved