06/25/2007 - Vitreo Retinal Technologies, Inc. Receives $9.5 Million in Institutional Funding
IRVINE (June 25, 2007) - Vitreo Retinal Technologies, Inc. (VRT) of Irvine, California, raised $9.5 million in a second round of funding. The Company is developing novel therapeutic and diagnostic systems system to improve patient outcomes in the areas of vitreoretinal diseases and ophthalmic surgeries. CB Capital Partners, Inc. acted as sole placement advisor to Vitreo Retinal Technologies concerning this transaction. The deal was led by Menlo Park based De Novo Ventures, who was joined by existing and new investors.
About Vitreo Retinal Technologies, Inc.
Vitreo Retinal Technologies, Inc. is a California Corporation, founded in July 1999 to discover, develop, and commercialize novel therapeutic and diagnostic systems for the treatment of serious ocular diseases. Since its founding VRT's primary objective has been in the areas of vitreoretinal diseases and ophthalmic surgery which are some of the leading causes of adult blindness in the world. VRT has focused particular attention to vitreoretinal ophthalmic diseases, in particular those which affect a large patient population and are either underrepresented with regard to treatment options or treatment success.
About De Novo Ventures
De Novo Ventures, founded in 2000, has built a healthcare investment firm that is differentiated by its approach, valued for its knowledge, and distinguished by its performance. De Novo's principals have an average of 20 years of experience in identifying opportunities and building companies within the medical device and biotechnology sectors. In addition, as managers of venture capital firms prior to the formation of De Novo, the Firm has invested in over 35 companies, many of which have gone public or been acquired. Over the past seven years, De Novo has made over 40 investments in both the biotechnology and medical device sectors. Currently, De Novo has $650 million under management, and will invest $8-15 million over the life of an investment. De Novo's mission is to provide capital and work with management teams to help build great healthcare companies. These companies then will do what matters most - address critical patient needs.