Insulet Raises $11 Million in Series A Venture Funding.Oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. Round Reflects Promise of Revolutionary Disposable InsulinDelivery System BEVERLY, Mass., Aug. 8 /PRNewswire/ -- Insulet Corp., a leading developer of disposable insulin delivery systems for the treatment of diabetes, recently closed an $11 million round of venture capital from new investors Versant Ventures and Schroder Ventures Life Sciences and founding investor, Prism Venture Partners. Funding raised in this oversubscribed round brings total financing to $12 million. As a creator of the Company, Prism initially contributed $1 million in seed round funding in early 2000. Insulet will leverage the capital to make several senior management additions, aggressively expand research and development and initiate its marketing efforts. "Our system will radically enhance the daily care program for Type 1, insulin-dependent diabetes in·su·lin-de·pen·dent diabetes n. See diabetes mellitus. patients and significantly increase quality of life and overall patient outcomes," said Tom Wood, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Insulet. "The potential of this innovative technology is reflected in the overwhelming support from our new and existing investors. With an extensive intellectual property portfolio and development partnership with Sarnoff Corporation Sarnoff Corporation, with headquarters in Princeton, New Jersey, is the former RCA Laboratories. The headquarters is the site of the development of color television, CMOS technology, electron microscopy, and many other important technologies since the cornerstone was laid just , Insulet is poised to rapidly penetrate the diabetes market, as well as transform other therapeutic markets with its broadly adaptable technology." "We are pleased by the extremely positive financial endorsement of Insulet, as the company was conceived and created within Prism. This is another great example of how Prism's entrepreneurial background creates value by founding companies and working with seasoned executives to successfully launch paradigm shifting technologies," said John L. Brooks, Co-Founder, General Partner, Prism Venture Partners. "Given its cutting-edge product, Insulet is capable of transforming the lives of approximately one million insulin-dependent Type 1 Diabetes type 1 diabetes n. See diabetes mellitus. patients living today in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company's value offering, combined with its seasoned management team and aggressive research and development strategy, keeps Insulet in the forefront of our investment portfolio." Board Members Duane Mason, Co-Founder, General Partner, Prism Venture Partners, is Insulet's earliest board member and founding partner. A serial entrepreneur with over 20 years in the medical device and health care industry, Mason has founded and successfully launched six companies to date. In addition to the funding, Ross Jaffe, Managing Director, M.D., Versant and Charles Warden, Partner, Schroder, will join the company's board of directors. Jaffe has invested in medical devices, drug delivery, and healthcare information systems companies for the past 11 years. He has successfully launched five Versant investments to date. As a physician, his clinical experience provides Insulet with the real world insight required to effectively reach its target audience. At Versant, Warden focuses exclusively on medical device and healthcare service investments. Previously he worked with Boston Capital Ventures where he concentrated on healthcare investments. Prior, he was a consultant with Monitor Company, an international strategy consulting firm, where his activities spanned marketing, finance and manufacturing. About Versant Ventures Versant Ventures combines seasoned healthcare investors from three successful venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] -- Brentwood Venture Capital, Crosspoint Venture Partners, and Institutional Venture Partners -- to create a critical mass of expertise and capital focused exclusively on healthcare. Versant offers early-stage companies both significant capital and a venture capital team with substantial operating experience and domain expertise in health care. The Versant team partners with entrepreneurs to surmount sur·mount tr.v. sur·mount·ed, sur·mount·ing, sur·mounts 1. To overcome (an obstacle, for example); conquer. 2. To ascend to the top of; climb. 3. a. To place something above; top. the challenges facing young medical device, bio- pharmaceutical, healthcare service, and e-Health companies, helping them grow to become pre-eminent companies in their field. Versant believes that building a venture capital firm focused exclusively on healthcare best enables them to partner with entrepreneurs to capitalize on the substantial opportunities available in healthcare today. To this end, they raised their $250 million fund in the fall of 1999 to invest in early-stage health care companies. www.versantventures.com. About Schroder Ventures Life Sciences Schroder Ventures Life Sciences (SVLS SVLS Sacramento Valley Live Steamers (Rancho Cordova, CA) ). Schroder Ventures has been investing in the life sciences sector since 1981. Schroder Ventures Life Sciences (SVLS) was established in 1994 as the dedicated life sciences arm of Schroder Ventures. SVLS currently advises funds of approximately $600m and has made investments in over 100 global life sciences companies. The SVLS team is comprised of 18 professionals based in London and Boston with extensive life sciences investment, strategic, operational, scientific and clinical experience. In addition, SVLS draws advice from its broad base of scientific, medical and entrepreneurial advisory networks. Schroder Ventures is a leading international private equity group advising 25 funds worldwide with committed capital totaling $7 billion. To date, Schroder Ventures' funds have invested in over 400 companies in a mixture of early stage transactions and buy-outs. www.svlifesciences.com. About Prism Venture Partners Prism Venture Partners, Westwood, MA, is a leading venture capital firm with early-stage investments in communications, Internet business infrastructure and healthcare. Since inception in 1996, Prism has rapidly gained industry recognition through the firm's high-visibility investment strategies. With approximately $800 million in capital under management, Prism's growth reflects the extensive entrepreneurial expertise of its partners, a hands-on approach to working with portfolio companies, an integrated network of investors, and access to growing pool of highly-skilled entrepreneurs. Additional information on Prism Venture Partners can be found at www.prismventure.com. About Insulet Corporation A privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. founded in August 2000, Insulet is currently developing the Infuzor(TM) disposable insulin infusion system for the treatment of diabetes. An industry-transforming product similar in impact to disposable contact lenses and disposable digital hearing aids Hearing Aids Definition A hearing aid is a device that can amplify sound waves in order to help a deaf or hard-of-hearing person hear sounds more clearly. , the Infuzor(TM) is the first disposable, low-cost, easy-to-use alternative to complex and expensive infusion products currently available in the multi-billion dollar diabetes market. The Insulet Infuzor(tm) disposable Insulin delivery system offers a solution to the cost and complexity barriers of existing insulin pump insulin pump n. A portable device for people with diabetes that injects insulin at programmed intervals in order to regulate blood sugar levels. products, as well as the opportunity to dramatically change the ratio of served versus potential markets in diabetes pump therapy. The Insulet Infuzor(TM) system combines all of the components of existing insulin pumps into a small, single unit that costs less than current technologies and is discarded after three days. The low-maintenance Infuzor(tm) is attached to the patient as a patch and is programmed and monitored by an intuitive, wireless remote controller. Because of its simplicity, the system significantly minimizes clinical training. Insulet Corporation 100 Cummings Center Beverly, MA, 01915 Ph. 978-524-8543 Press Contacts: Insulet Corporation Prism Venture Partners Tom Wood LMBPR, Lisa M. Black Ph. 978-524-8543 Ph. 781-631-6377 twood@insulet.com lmblack@mediaone.net MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X10324525 |
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