InSet Technologies completes $25
million financing
Financing
Led by Clarus Ventures
January 12, 2009
MOUNT OLIVE, N.J., Jan 12 /PRNewswire/ - InSet
Technologies, an emerging leader in the development of programmable implantable
pumps for targeted delivery of medication, announced today the closing of equity
financing totaling $25 million.
Clarus Ventures, a life sciences
venture capital firm, led the round and was joined with a follow-on investment
by FatBoy Capital, LP. In conjunction with the
financing, Kurt C. Wheeler of Clarus Ventures will join the InSet Technologies'
Board of Directors.
"Our investment in InSet Technologies validates their
remarkable achievement of key company milestones over a very short period of
time," stated Kurt C. Wheeler, Managing Director, Clarus Ventures. "With this new financing, InSet
Technologies is well positioned to finalize its regulatory path towards
approval, build its sales and marketing team in advance of launch and rapidly
grow its innovative product portfolio."
"Completion of our financing
in this difficult economic environment is a strong testament to the value of our
technology, the progress of our company, and the insight of Clarus Ventures and
our other investors. With this
funding, we look forward to continuing our progress to provide new therapeutic
options to both physicians and patients," said Steve Adler, President and CEO
of Inset Technologies. "Additionally,
we are excited to have Kurt Wheeler join our Board of Directors. Kurt brings 25 years of experience
successfully commercializing medical device companies to InSet Technologies' Board."
About InSet Technologies
InSet Technologies Incorporated (www.insetinc.com) is a privately-held
company solely focused on developing totally implantable pumps delivering
targeted medications directly to the spinal cord (intrathecal
space) to achieve potentially improved functional relief with a dramatic
reduction in the side effects from high doses of drugs for chronic pain, cancer
pain and spasticity, a market potential in excess of $5 billion.
About 70 million people in the
United States live with chronic pain.
According to the National Institutes of Health, the annual cost of
chronic pain in the United States, including healthcare expenses, lost income,
and lost productivity, is estimated to be $100 billion, more than heart disease
and cancer combined.
CAUTION: Prometra®
pumps are Investigational Devices which have not yet been approved by the FDA.
About
Clarus Ventures
Clarus Ventures is
life sciences venture capital firm founded by a team of accomplished investment
professionals with extensive and complementary industry backgrounds which have
enabled them to establish a long history of success in creating value. Their deep relationships with world
thought leaders and decision makers allow this team to identify unique
investment opportunities and shepherd them to maturity. Clarus augments its core expertise of
investing in biopharmaceuticals and medical technology companies with the deep
and diverse expertise of the team in research and development, commercialization,
business development and operations management at the global level. Clarus is based in Cambridge, MA and San
Francisco, CA and presently manages over $1.2 billion across two life-sciences dedicated funds.
For additional information
on Clarus Ventures, please visit www.clarusventures.com.
Press Contact
Maureen A. Shaffer
Vice President of Marketing
InSet Technologies
973-426-9229
mshaffer@insetinc.com