Healthcare Industry News: Insulet
News Release - January 13, 2009
Alter-G secures $8 million in series B financing from Versant Ventures
Versant Ventures Managing Director, Ross Jaffe, M.D. Joins Board OfDirectors
Menlo Park, January 12, 2009 - (HSMN NewsFeed) - Alter-G, a privately held medical device
company based in Menlo Park California, has secured an $8 million round of
series B funding from Versant Ventures. The proceeds will be used to
continue to accelerate the company’s growth. Ross A. Jaffe, MD, Managing
Director at Versant Ventures, will join Alter-G’s board of directors.
“This capital allows us to pioneer a market using proprietary technologies
to help people recover from disability and sustain a healthy and active
life”, said Lars Barfod, CEO of Alter-G Inc. “I am also delighted to
welcome Ross Jaffe on our board. Ross brings a tremendous amount of
experience and understanding of our market to the board. We are excited
about being part of Versant’s significant portfolio of investments in the
medical device space”.
The company will use the proceeds in four key areas that will help to
further accelerate its growth: expand sales and services globally, increase
rate of clinical research, add to product development capabilities and build
additional intellectual property.
“We are impressed by the team, the positive customer feedback and the
proprietary technology’s potential in a market where the demographics show
rapid growth and where the treatment alternatives remain limited”, said Ross
A. Jaffe, MD, Managing Director of Versant Ventures. “We believe Alter-G’s
products have the potential to improve outcomes in significant areas of
human disability, as well as offering a valuable new approach to sports
training, fitness, and geriatric wellness”.
Versant Ventures will join the two founding investor groups, Frog & Peach
Investors and Red Planet Capital, as the key shareholders of Alter-G Inc.
About Alter-G:
Alter-G, Inc. is the only company to offer FDA-cleared rehabilitation and
therapy equipment built on revolutionary, anti-gravity technologies
originally developed at NASA. Tested by Nike’s Oregon Research Project for
distance runners, its patented equipment is used to provide unweighted
physical therapy treatments at America’s most respected major medical
centers, and is used in leading professional, collegiate, and individual
sports and fitness programs. Located in Silicon Valley, Alter-G’s
innovatively engineered products, including its flagship G-Trainer
anti-gravity treadmill, are sold in North America, Europe, and Asia. Learn
more at www.alter-g.com.
About Versant Ventures:
Versant Ventures invests in seed, early-stage and selective later stage
companies in medical devices, biotechnology or pharmaceuticals. As a
leading healthcare venture firm, Versant makes investments where there is
the potential for dramatic clinical improvement across large patient
populations. Founded in 1999, Versant has invested in 95 companies,
including public companies Genomic Health (GHDX) and Insulet (PODD), and
companies that have been acquired such as eyeonics, Intralase, Lipsonix,
NovaCardia, Pharmion, Reliant, St. Francis Medical Technologies, and Syrrrx.
Versant has $1.6 Billion in capital under management in four funds. The
firm’s primary offices are in Menlo Park and Newport Beach, California. For
more information, visit www.versantventures.com.
Source: Alter-G
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