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Transcend Medical completes $51 million round of Series B funding

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MENLO PARK, Calif. — Transcend Medical has completed a $51 million round of Series B financing to further develop its glaucoma treatment line, the company announced in a press release.

Investor Growth Capital joined existing investors Canaan Partners, Finistere Ventures, HLM Venture Partners, Kaiser Permanente Ventures, Latterell Venture Partners, Morgenthaler Ventures, Split Rock Partners and Technology Partners.

The funds will be used to develop the U.S. pivotal study of the CyPass Micro-Stent, to continue ongoing international clinical trials and to develop next-generation glaucoma solutions, according to the release.

“We are pleased with the strong support from our investors and it represents the industry-wide validation surrounding our CyPass Micro-Stent for treatment of early glaucoma,” Brian Walsh, president and CEO of Transcend Medical, said in the release. “The additional capital ensures that we are well-positioned to complete our clinical and corporate objectives.”