Transcend Medical said it closed on a Series C round worth $22 million that included a contribution from an unnamed "global pharmaceutical and medical device company."
Transcend, which is developing a micro-stent called the CyPass to treat glaucoma, said it plans to use the proceeds to complete its Compass pivotal trial for the CyPass device. The study’s follow-up period is slated to be complete during the 2nd quarter of 2015, according to a press release.
"Securing this funding from new and existing investors demonstrates continued confidence in our ability to bring to market the innovative CyPass micro-stent technology," president & CEO Brian Walsh said in prepared remarks. "The Compass pivotal trial will provide an unprecedented amount of data for a glaucoma micro-stent, and we are proud to be leading such a rigorous development program. With the new funds, Transcend will continue executing our strategy to bring this breakthrough therapy to the many patients suffering with glaucoma around the world."
Menlo Park, Calif.-based Transcend, which drummed up a $51 million Series B round in 2011, said existing investors and the unnamed medtech firm joined the Series C round. The B round included Investor Growth Capital, Canaan Partners, Finistere Ventures, HLM Venture Partners, Kaiser Permanente Ventures, Latterell Venture Partners, Morgenthaler Ventures, Split Rock Partners and Technology Partners.
The CyPass device is designed to relieve pressure within the eye using the same mechanism as prostaglandin analogues, the most effective current treatment for intraocular pressure. The device has CE Mark approval in the European Union, according to the release.