Sequent Medical Announces Closing of $15.6
Million Venture Financing
ALISO VIEJO, Calif., May 13, 2010 /PRNewswire/ -- Sequent Medical, Inc. announced today that it has closed a $15.6 million Series B venture capital financing. The financing was led by Domain Associates, joined by existing investors Versant Ventures and US Venture Partners. Nimesh Shah of Domain will join Sequent's Board of Directors.
"We are privileged to have such a high caliber group of investors, and would like to welcome both Domain Associates as an investor in Sequent and Nimesh Shah as a Board member," said Tom Wilder, who joined in February 2010 as President and Chief Executive Officer. "We will utilize these funds to continue our development programs, including the introduction of our initial WEB® product line." The WEB® aneurysm embolization system provides a new treatment alternative for cerebral aneurysms, especially those prone to a high rate of recurrence and re-treatment.
About Sequent Medical, Inc.
Sequent Medical, Inc. was founded by Bob Rosenbluth, Ph.D. and Brian Cox, with Versant Ventures and US Venture Partners as founding investors. Sequent is dedicated to the development of innovative devices to advance the endovascular treatment of neurovascular disease conditions. Rosenbluth and Cox previously founded MicroVention, Inc., now known as MicroVention Terumo. Sequent has developed proprietary fine wire fabrication technology to create a low porosity device that is deployed within the aneurysm to facilitate occlusion and healing. The market for endovascular treatment of cerebral aneurysms continues to grow rapidly, as improvements in technology, such as the WEB, allow an increasing number of aneurysms to be treated non-surgically.