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The Foundry Announces New Partners and Completion of Series A Financing for Eleventh Company
Date:1/28/2009

MENLO PARK, Calif., Jan. 28 /PRNewswire/ -- The Foundry, LLC, a leading medical device company incubator, announced today that it has completed a $5M Series A financing for its eleventh new company, led by Morgenthaler Ventures and Split Rock Partners, and added two new Managing Partners, Erik T. Engelson and Jeffry J. Grainger. Both of the new partners have extensive experience in the formation and growth of successful medical device companies. They join existing Managing Partners Hanson S. Gifford, III, Mark Deem and Kara Liebig.

Mr. Engelson joined The Foundry from Cierra where he served as President and CEO. Mr. Engelson previously served as the Chief Financial Officer of Fluidigm Corporation, as a Venture Partner at Versant Ventures and as an Entrepreneur-in-Residence at Institutional Venture Partners. Previously, Mr. Engelson spent 13 years in various operating roles at Target Therapeutics where he led the early start-up into the field of Interventional Neuroradiology, participated in the IPO roadshow and eventually became its General Manager following its acquisition by Boston Scientific Corporation. Mr. Engelson began his medical device career as a Product Development Engineer for Advanced Cardiovascular Systems. He is the inventor of many medical device patents and is the recipient of the 1998 Inventor of the Year Award from the Silicon Valley Intellectual Property Law Association. Mr. Engelson currently serves on the Board of Directors of Concentric Medical and Primaeva Medical, and is a co-founder of FlowCardia. Mr. Engelson holds B.A. and M.S. degrees in Microbiology and Bioengineering, both from the University of California, San Diego. He has also completed the Stanford Executive Program and is a Trustee of the U.C. San Diego Foundation.

Mr. Grainger joined The Foundry from Xtent, Inc., a developer of drug- eluting stent systems, where he served as Vice President of
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SOURCE Split Rock Partners
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