WOBURN, Mass., April 18 VisEn Medical, Inc., a leader influorescence in vivo imaging, today announced the expansion of its Series Bfinancing. Merck Capital Ventures and Flagship Ventures co-led this $5.0million expansion of the Series B round, which initially raised $7 million inNovember 2007, bringing the total Series B financing amount to $12.0 million.VisEn will use the additional financing to further advance its proprietaryfluorescence in vivo imaging product pipelines, and to expand its commercialapplications and customer support of its marketed products worldwide.
"We are pleased to have Merck Capital and Flagship Ventures deepen andextend their support of our company and our programs," said Kirtland Poss,President and Chief Executive Officer of VisEn Medical. "Based on our progresssince the first Series B closing, the results that customers are achievingwith our systems and agents, some key new product launches, and the strongcommercial traction we are already seeing in 2008, our Board and our investorshave decided to increase their support to accelerate our growth."
"We invest in emerging companies with proven technologies that support thepharmaceutical industry," said Per Lofberg, President and Chief ExecutiveOfficer of Merck Capital Ventures and a member of the Board of VisEn. "VisEnis a market leader in fluorescence in vivo imaging pre-clinically, and wellpositioned to advance into human clinical trials with its technologyplatforms. These translational linkages are of growing importance in thepharmaceutical and healthcare industries, and we are pleased to participate inthis opportunity."
Ed Kania, Chairman of VisEn Medical and Managing Partner of FlagshipVentures noted, "We see tremendous value and promise in VisEn's technologiesand products, its deep customer relationships with a growing number of leadingpharmaceutical companies, and its early progress driving the translation ofits preclinical technologies into eventual clinical use. We are pleased tocontinue our strong support and participation with VisEn in these areas."
About VisEn Medical, Inc.
VisEn Medical, Inc. was founded in 2000 based on fluorescence in vivoimaging technologies initially developed by industry-leading researchers andclinicians at the Massachusetts General Hospital and Harvard Medical School.VisEn develops and commercializes the industry's highest performingfluorescence in vivo imaging technology platforms, from research throughmedicine. The Company also works directly with large pharmaceutical partnersto design ranges of tailored molecular imaging probes and applications thatare targeted to their specific research areas. Privately-held VisEn isheadquartered in Woburn, Massachusetts and has been financed by leadingventure firms including Flagship Ventures, Merck Capital Ventures and TheBollard Group. For further information please visit www.visenmedical.com.
About Merck Capital Ventures, LLC
Merck Capital Ventures is a subsidiary of Merck & Co., Inc. founded inNovember 2000. Merck Capital Ventures (MCV) actively invests in emergingbusinesses with interesting technology in areas related to thecommercialization, distribution and delivery of pharmaceuticals and relatedhealthcare services. The focus of MCV is to invest in technologies thataccelerate innovation related to the pharmaceutical business and other sectorsof health care delivery. For further information, seewww.merckcapitalventures.com.
About Flagship Ventures
Flagship Ventures is a leading venture capital firm focused on creating,financing, and building innovative companies. Founded in 2000, Flagshipoperates from its offices at Kendall Square in Cambridge, MA. With an activeportfolio of over 40 companies, the firm's strategy is to balance itsinvestments across three principal business sectors: Life Science /Diagnostics Tools, Energy & Technolo