October 7, 2009
Based in Durham, North Carolina, a leading innovator in surgical solutions, TransEntrix, announced today that it has secured $55 million in series B funding, which was led by Aisling Capital. Other investors who participated in this round of funding include Intersouth Partners, Quaker BioVentures, SV Life Science Partners, Synergy Life Science Partners, and Parish Capital Advisers.
Founded in 2006, TransEntrix is a subsidiary of Synecor, LLC and was founded for the specific intention of creating extremely disruptive technologies in one of the largest medical and drug device industries. TransEntrix works together with some of the United State’s most prominent physicians to develop medical devices and surgical procedures which are minimally invasive. What is paramount to TransEtrix’s success in the marketplace is the fact that the company relies extensively on hands-on clinical trials and working together with some of the most seasoned surgeons to boost up learning. Furthermore, the team at TransEntrix also believes fully in rapid prototyping of products to get them out to market on a fast pace.
Currently, TransEntrix is working on its latest project, which is a multichannel laparoscopic surgical platform that is known as the SPIDER platform. This platform is designed to give surgeons true triangulation and other advantages that are not possible with conventional laparoscopic surgery. The acronym, SPIDER actually stands for Single Port Instrument Delivery Extended Reach, which literally means that surgeons to some of the least invasive surgeries in the abdominal region.
As part of the agreement of this funding round, Aisling Capital’s managing partner, Dr. Andrew Schiff, Intersouth Partners’ general partner, Dr. Garheng Kong, and Quaker BioVentures’ Dr. Matt Rieke will join the company’s board of directors.
According to the president and CEO of TransEntrix, Dr. Todd M. Pope; the company is overjoyed to have such prestigious investors who are so confident in the company’s product. Dr. Pope further added that the technology that TransEntrix offers is powerful technology that can provide the medical community with a whole new procedure that has the potential of changing the way laparoscopic surgeries are performed.
Aisling Capital is one of the largest private equity firms in the world and currently has over $1.6 billion under its management. The private equity firm primarily invests in companies that develop technologies or global businesses that benefit the healthcare industry. The team of investors that manage Aisling Capital are up to date in the latest technologies and that is key in making Aisling Capital one of the key players in the investor community. Some other companies in Aisling’s portfolio include Adma Biologics, Armgo Pharma, Dynova Laboratories, HerbalScience, Natural Dentist, and others.
For more information about TransEntrix, click here.