Medical Device Technology Company Looks to Expand Domestically and Abroad
IRVINE, CALIF., Oct. 21, 2013
Insightra Medical, Inc. (Insightra) announced today it has closed a Series C financing round co-led by Baird Capital’s venture capital group and Boston-based Tekla Capital Management LLC, advisor to H&Q Healthcare Investors (NYSE:HQH) and H&Q Life Sciences Investors (NYSE:HQL).
Insightra, headquartered in Irvine, Calif., and with offices across the globe, is a medical device technology company with products serving the growing hernia repair market. The company will use the capital for product development, domestic sales force growth and international expansion. Brad Sharp, a medical industry veteran involved in the development and marketing of high tech products for more than 25 years, founded and leads Insightra as CEO.
“Baird Capital and Tekla are excellent partners for us due to their significant experience with leading medical devices companies,” said Sharp. “They are very familiar with the space and their expertise, especially with international commercialization, will play a major role in our continued growth.”
The global hernia market is estimated to be worth over $3 billion. The opportunity for growth is substantial based on the aging population and the fact that 75 percent of hernia repair patients in developing markets still do not receive an implant.
“We are excited to be joining Brad and his team to help Insightra expand on its initial success,” said Michael Liang, Ph.D., Partner with Baird Capital’s venture capital group. “Their clinical data across hundreds of patients demonstrating long-term absence of chronic pain and recurrence are the basis by which physician demand will continue to grow. We are also very excited about the international commercial opportunities for all of Insightra’s general surgery products.”
As part of this financing, Liang and Frank Gentile, Ph.D. from Tekla will join Insightra’s Board of Directors.
About Baird Capital
Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Baird Capital’s venture team invests in early and expansion-stage technology-enabled services and healthcare companies. Having invested in more than 270 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit www.BairdCapital.com.
About Tekla Capital Management LLC, H&Q Healthcare Investors (NYSE:HQH) and H&Q Life Sciences Investors (NYSE:HQL)
Tekla Capital Management LLC is a registered investment adviser based in Boston, Massachusetts and is currently the investment adviser for two closed-end equity funds, H&Q Healthcare Investors (NYSE:HQH) and H&Q Life Sciences Investors (NYSE:HQL).
Baird Public Relations