By Elaine Rigoli
Tampa, Fla., Aug. 15 - IntraPace, Inc. has completed a $30 million series D financing round, led by Vulcan Capital, the investment group of Paul G. Allen.
The company said it plans to use the funds to complete product development and worldwide clinical studies.
In addition to Vulcan Capital, other participants include new investor L Capital Partners and existing investors DFJ ePlanet, Oxford Bioscience Partners, Toucan Capital, Guidant Corp. (now Boston Scientific), Johnson & Johnson Development Corp., CB Health Ventures, Halo Fund II and The Angel's Forum.
In conjunction with the financing, Eric Bell of Vulcan Capital and Ting Pau Oei of L Capital Partners will join the IntraPace board.
"IntraPace is finalizing preclinical refinements to begin clinical trials in 2007. We are looking forward to a successful clinical trial showing definitive weight loss results in implanted patients. As with our series C financing, this funding round was heavily oversubscribed by both current and new investors. We believe that this is evidence of the increasing interest in developing solutions for the treatment of obesity, which has become a major health issue in the United States," IntraPace chief executive officer Chuck Brynelsen said in a news release.
IntraPace is a medical-device company based in Mountain View, Calif.
| Issuer: | IntraPace, Inc.
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| Issue: | Series D financing
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| Amount: | $30 million
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| Investors: | Vulcan Capital, L Capital Partners, DFJ ePlanet, Oxford Bioscience Partners, Toucan Capital, Guidant Corp. (now Boston Scientific), Johnson & Johnson Development Corp., CB Health Ventures, Halo Fund II and The Angel's Forum
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| Announcement date: | Aug. 14
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