LOS ALTOS HILLS, Calif., Jan. 19, 2012 /PRNewswire/ -- HealthTech Capital announced today that it invested over $300,000 as the lead Series A2 investor in Cadence Biomedical, Inc. The move underscores the growing trend of angel investor groups joining forces to fund innovative, early-stage companies. Other investors included Alliance of Angels, Frontier Angels, Keiretsu Forum Northwest, Sand Hill Angels, and Wings. With a first close of ~$750,000 in new funds and note conversions, additional investors are expected to push the total to $1 million or more.
The funding supports the market launch of Cadence's novel device that helps people with severe disabilities walk. Worn externally, the device provides stability and movement assistance to weakened muscles without the use of powered mechanisms.
"With healthcare costs continuing their relentless march upward, creative technologies that decrease costs while improving patient care are attractive investment opportunities," said Don Ross, cofounder and managing director of HealthTech Capital. "Cadence is well positioned in the emerging HealthTech sector, and we are delighted to support such innovation with both investment dollars and hands-on mentoring."
"We are pleased to have HealthTech Capital as our lead investor," said Brian Glaister, Chief Executive Officer of Cadence. "Their domain expertise and professionalism are exceptional. They have worked with us and provide great added-value beyond their investment. With their lead, we are receiving the funding we need to bring our products to market."
"Cadence has the potential to change people's lives. When I tried the prototype, I could walk better immediately," said Donna Jang, Cadence Board Director and HealthTech Capital investor. "The experience was unlike any other in the 20 years since my stroke."
The Cadence device amplifies muscle strength, helping to propel the user forward and lift the leg and foot in preparation for the next step. Not only does it improve walking, it also has the potential to enable many who would otherwise require wheelchairs to regain strength and coordination.
About HealthTech Capital
HealthTech Capital is a leading Silicon Valley-based angel investing group that is pioneering the emerging HealthTech market where innovation improves healthcare delivery, empowers patients, and lowers costs. Founded by Anne DeGheest, Kathy La Porte, and Don Ross, HealthTech Capital has built a membership of industry leaders – successful entrepreneurs, executives, physicians, and venture capitalists – who fund and mentor new companies. For more information, please visit www.HealthTechCapital.com.
About Cadence Biomedical
Cadence Biomedical is a privately held early stage medical device company whose mission is to improve mobility for people with disabilities. The company's flagship kinetic orthosis product is a revolutionary device that can provide assistance to muscles and help people with severe disabilities walk. Cadence is headquartered in Seattle, WA. For more information, please visit www.cadencebiomedical.com.
|SOURCE HealthTech Capital|
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