News
April 26 , 2007
VENTURE INVESTORS LEADS INCEPT BIOSYSTEM'S
$3.25MM SERIES A FINANCING
Ann Arbor, MI, April 26, 2007 - Incept™ BioSystems, a medical device company developing advanced devices for clinical cell biology applications, announced today the close of its $3.25MM Series A Financing. The financing, which closed on March 30, was led by Venture Investors and joined by several other investment groups including Angel Healthcare Investors of Newton, MA, Plymouth Venture Partners of Ann Arbor, MI, and a select group of experienced individual and corporate investors.
Incept is currently developing its first generation products that address how embryos are managed during In Vitro Fertilization (IVF). The Company, leveraging a portfolio of optioned technology developed at the University of Michigan, is using its PinFlo™ technology platform to be the first to demonstrate the ability to dramatically improve embryo developmental rate during the first 96 hours in culture, a key industry standard for determining the viability of embryos.
“We are excited to have such a strong group of experienced investors who share our vision for this technology and its potential impact on society,” said Mike Crowley, President and CEO of Incept, “With its history of successful investing with early stage University technology, we believe Venture Investors brings a unique set of health care and device experience to Incept and should create exceptional value to our group of shareholders. We are fortunate to have such a strong partner so early in the stage of our Company”
Jim Adox, a managing director with Venture Investors and head of the firm’s Ann Arbor office, will join Incept’s Board of Directors. “We think Incept presents a very compelling investment opportunity. The application of Incept’s innovative technology to the challenging and costly requirements necessary today to achieve successful outcomes in IVF has the potential to transform how infertility is treated worldwide. We believe Incept has the potential to fundamentally change the way that infertility will be treated in the future, and it has great potential to become an industry-leading company in the growing $2.5 billion IVF marketplace.”
Early animal studies with Incept’s technology have also shown that embryos cultured on the system lead to significantly higher implantation and fetal development rates. The application in the human IVF clinic would create a potential breakthrough for the estimated 7 million Americans and 40 million people worldwide that currently suffer from infertility. With trends in most Western countries to delay marriage and childbirth, infertility will continue to afflict more people in the years ahead. In the U.S., each infertility treatment is very costly, and in most states is considered a non-reimbursed, elective procedure. Dramatic improvements in IVF success rates are expected to remove the cost barriers that prevent many from pursuing treatment.
About Incept BioSystems
Incept BioSystems (www.inceptbio.com) was founded in January 2005 with its headquarters and research and development facilities in Ann Arbor, Michigan. Its core technologies were developed by two leading researchers in medicine and biomedical engineering at the University of Michigan. The Company’s initial products are designed to improve the in-vitro performance and viability of embryos and other specialized cells for clinical and research applications. The company plans to commercialize a line of products based on its PinFlo™ platform for the in vitro fertilization (IVF) market.
About Venture Investors
Venture Investors is a venture capital firm with $190 million under management. The firm invests in seed and early-stage life science and technology companies in the Midwest, with a primary focus on opportunities that spin out of the region’s leading research universities. Formed in 1982, Venture Investors has offices strategically located next to the country’s third and fourth largest research institutions in Ann Arbor, Michigan and Madison, Wisconsin. For additional information on the firm, visit www.ventureinvestors.com .
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