June 6, 2007. Tepha, Inc. Announces $10.7 Million Venture Capital Financing
Cambridge, MA – Tepha, Inc., a privately held medical device company, today announced that it had closed a $10.7 million financing led by The Vertical Group. Also participating in the financing were Integra Ventures, Novartis Venture Fund, and Westfield Life Sciences Fund. The funds will be used to support the further development of Tepha’s unique biopolymer technology platform including materials processing, device testing, and regulatory submissions.
Simon Williams, President and CEO of Tepha, stated “We are very pleased to complete this significant financing which will permit us to sustain the momentum that has been generated by recent FDA 510(k) releases. We also are pleased to welcome Westfield Life Sciences as a new investor in Tepha, and we look forward to the benefit of their expertise in life sciences and medical technology to develop Tepha’s breakthrough biopolymer technology.”
The TephaFLEX® biopolymer technology, licensed from Metabolix, Inc. (NASDAQ: MBLX) and based on research done at the Massachusetts Institute of Technology (MIT), significantly extends the range of material properties available for the development of absorbable medical devices. In February 2007, Tepha received FDA 510(k) clearance for its TephaFLEX Absorbable Suture, and in April 2007, the Company received its second 510(k) clearance for the TephaFLEX Surgical Mesh indicated for hernia, pelvic floor, and other soft tissue temporary wound support.
Several leading medical device companies are currently working with Tepha to apply the new biopolymer technology to the development of other medical devices, taking advantage of the TephaFLEX biopolymer properties that include flexibility and toughness, coupled with the ability to form some of the world’s strongest absorbable fibers. Products under development include surgical meshes, anti-adhesion films, hemostats, intra-cardiac devices, absorbable stents, ligament and tendon repair devices, embolization agents, and drug delivery systems. Tepha’s current corporate partners include: Aesculap AG, HemCon Medical Technologies, LifeCell Corporation, NMT Medical, and Tornier, Inc.
For information on Tepha and its technology, please contact: Dr. Ajay Ahuja, M.D., Director of Business Development, Tepha, Inc., 840 Memorial Drive, Cambridge, MA 02139, tel: 617-995-5404, fax: 617-995-5401. Email: email@example.com Or visit www.tepha.com.
About Tepha, Inc.
Tepha is a medical device firm engaged in the development of a new range of absorbable devices for therapeutic applications. The Company is applying a patented core technology, comprising over 40 issued U.S. patents, which allows it to produce absorbable polymers suitable for use in a wide range of implantable products in the areas of surgical repair, regenerative medicine, and drug delivery.
The Company’s proprietary technology uses genetic engineering to produce a new class of biomaterials that can be converted into a wide range of products that restore, maintain, or improve tissue function. Potential products range from relatively simple medical devices to more complex products that include cardiovascular stents, intra-cardiac closure devices, ligament and tendon repair devices – as well as drug delivery systems.
Tepha – a new generation of absorbable medical devices.