Alter-G Secures $8 Million in Series B Financing from Versant Ventures
Versant Ventures Managing Director, Ross Jaffe, M.D. Joins Board Of Directors
Menlo Park, Calif. (Vocus/PRWEB ) January 13, 2009 -- 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.
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