Third Rock Ventures raises $600m fund

November 3, 2016 By Fink Densford Leave a Comment

Healthcare venture capital firm Third Rock Ventures said today it raised $616 million for its new oversubscribed Fund IV, which will support innovative healthcare companies.

The new investment round brings the total funding raised by the Boston-based venture capital firm to $1.9 billion, the group said.

“We appreciate the ongoing support from all the investors participating in Fund IV. Over the years, we have continued to build a leading investor base that is supportive of our unique model – a hands-on, team-based approach of discovering, launching and building great companies based on bold ideas that meet at the intersection of science, strategy, business and medicine. Our investment philosophy has always been shaped by the ongoing tremendous innovation in science and medicine. We aim to be both the preferred partner to scientific innovators from academia, and the preferred provider of innovative programs in important disease areas to address the bio-pharma industry’s pipeline needs,” Third Rock partner Dr. Robert Tepper said in a press release.

Third Rock has helped launch more than 40 healthcare companies. The firm said it focuses on “building product engine companies,” and that companies it has supported have delivered 4 products and 1 device to the market.

As part of the investment round, Dr. Abbie Celnicker is joining the firm as a partner, while venture partner Dr. Charles Homcy is being lifted to partner.. Dr. Frank Gentile, Dr. Stephen Sherwin and Dr. Barbara Weber will be taken on as venture partners.

“Without a doubt, people are the most important asset in our efforts, and I am incredibly proud of all that our team has accomplished to date. We are thrilled today to welcome Abbie and Charles as partners. Many of us have had the pleasure of working with them previously and know their insight and expertise will be invaluable as we continue to work collectively to translate the unprecedented level of innovation emerging from academia and industry to our company creation efforts,” Third Rock partner Alexis Borisy said in prepared remarks.

“I am delighted to be joining Third Rock. Having worked with many members of the team previously I have tremendous respect for their high-engagement, team-oriented and value creation driven approach. I am looking forward to contributing to ongoing efforts and long-term success as we continue to advance important science to build great companies to make a difference in the lives of patients and their families,” newly joined Third Rock partner Dr. Celniker said in prepared remarks.

MTD Micro Molding late president to be inducted into Plastics Hall of Fame
MTD Micro Molding this week announced that its late president Dennis Tully will be inducted into the Plastics Academy’s Plastics Hall of Fame. Tully is one of six posthumous inductees this year, who are elected by living members of the Hall of Fame after a screening process. “These new posthumous inductees proudly represent the length… […]
This neural implant can be both remotely charged and programmed
Engineers at Rice University’s Brown School of Engineering are touting the first neural implant capable of being programmed and charged remotely with a magnetic field. Kaiyuan Yang, Jacob Robinson, Zhanghao Yu and Joshua Chen collaborated to develop the integrated MagNI (magnetoelectric neural implant) microsystem, which could allow imbedded devices such as a spinal cord stimulator… […]
Integer shares up after Street-beating Q4
Integer Holdings (NYSE:ITGR) shares were up at close today on fourth-quarter results that topped the consensus forecast, despite a big dip in profits. The Plano, Texas-based company posted profits of $11 million, or 33¢ per share, on sales of $325.6 million for the three months ended Dec. 31, 2019, for a 57.2% bottom-line slide on sales… […]
These young medtech companies raised the most money in 2019
Medical device industry insiders may very well remember 2019 as the year that IPOs came back — but another sign that the U.S. economy has left the Great Recession far behind. Among the top investment deals in the space, half involved public offerings, according to the MoneyTree report from PricewaterhouseCoopers (PwC) and CB Insights. Total investments in… […]
Teleflex Medical OEM acquires medical tubing company
Teleflex Medical OEM (Wayne, Pa.), today announced the acquisition of IWG High Performance Conductors (HPC), a medical tubing and wire components manufacturer. The addition bolsters Teleflex Medical OEM’s position in the arena of custom-engineered medical devices and its ability to provide clients with technologies used in electrophysiology, drug- and stent-delivery and neurovascular interventions, according to… […]
Integer expands to Israel
Integer Holdings (NYSE:ITGR) today announced it has acquired medtech manufacturer Inomec, formally establishing its presence in Israel. The Plano, Texas-based company said the acquisition will enable it to create an R&D and sales center in the region and adds important catheter design, clinical and pilot manufacturing capabilities to its portfolio. “Acquiring Inomec strengthens our research… […]
Why non-magnetic capacitors matter in medical imaging
The quality of an MRI image depends on the homogeneity, or uniformity, of the magnetic field. Component material choice is paramount; even the smallest trace of magnetism inside an MRI scanner can disrupt the field and harm the quality of an MRI image. Peter Matthews, Knowles Precision Devices Magnetic resonance imaging (MRI) equipment uses a… […]
This heart valve can adapt as a child grows
Boston Children’s Hospital is touting a new design that could allow children to maintain the same prosthetic heart valve until adulthood, which could also benefit adults with heart valve defects. Current prosthetic heart valves implanted in children with congenital heart disease are fixed in size, which requires multiple open-heart surgeries during childhood to replace the… […]
Simulating Reality With 3D Printed Medical Models
The medical breakthroughs that cure disease, restore health and prolong life aren’t created in a vacuum. They rely on the convergence of visionary minds and cutting-edge technology. This case study explores how the Jacobs Institute is leveraging 3D printing technology from Stratasys® to elevate medical device innovation and training, using ultrarealistic anatomical models created by… […]
These ‘smart’ bandages could heal chronic woulds
UConn biomedical engineers are touting a wirelessly controlled “smart” bandage and corresponding platform for delivering medications to chronic, non-healing wounds. UConn’s School of Dental Medicine, School of Medicine and School of Engineering comprise the biomedical engineering department, which contributed to developing the smart bandage. Ali Tamayol, an associate professor at UConn, led the development of… […]
How to cook up a successful medtech company
New medical device companies need much more than money to get their businesses started. A medtech-specific accelerator can help with seed funding and positioning for a Series A round. Shai Policker, MEDX Xelerator As we dive into 2020, the medtech sector will continue to offer tremendous opportunity for innovators and investors alike, with growth projected… […]