Menlo Park, CA – January 31, 2005 – BaroSense Inc., a privately-held medical device company specializing in the minimally invasive treatment of obesity, announces that it has secured $10 million in Series B financing led by new investor RWI Group. Other participating investors include Invesco Private Capital and existing investors, Frazier Healthcare Ventures and Delphi Ventures.
BaroSense, Inc., a graduate of the Synecor incubation model, is focusing on innovative proprietary devices for the treatment of obesity, the largest global chronic disease in adults. Synecor, LLC is a technology accelerator that designs, develops, and commercializes emerging medical technologies.
Over 300 million people suffer from obesity worldwide. Obesity increases the risk of developing cardiovascular disease, diabetes, and certain cancers. In the US, over 350,000 unnecessary deaths are attributable to obesity each year. Obesity also places a substantial economic burden on the US healthcare system; the estimated annual cost of obesity is over $100 billion in direct medical expenses.
"As obesity approaches epidemic proportions, BaroSense is dedicated to providing a safe, effective, and minimally invasive treatment as a new, successful weapon in the battle against obesity" said Dan Balbierz, General Manager & Vice President of Research and Development, BaroSense, Inc.
BaroSense was conceived in order to offer a safe and simple alternative to the surgical treatment of obesity. Current drug treatments only offer modest weight loss and all are associated with side effects. Surgical treatment is much more effective, yielding substantial weight loss but is associated with significant complications and adverse effects. BaroSense is developing an obesity solution that yields substantial weight loss without the risks of surgery and side effects of pharmaceuticals.
BaroSense Inc. is managed by William Starling, CEO, Richard Stack, M.D., President and Chief Medical Officer, and Dan Balbierz, General Manager and Vice President of Research & Development.
BaroSense's Scientific Advisory Board members includes thought leaders such as Dr. Peter Cotton, Medical Director of the Digestive Disease Center, Professor of Medicine at the Medical University of South Carolina, Dr. Philip Schauer, Director, Bariatric Surgery Program, Cleveland Clinic Foundation, Dr. Steve Eubanks, Chairman, Department of Surgery, University of Missouri School of Medicine, Dr. Richard Stack, Professor Emeritus of Medicine in Cardiology, Duke University Medical Center, Dr. Robert Hawes, Professor of Medicine at the Medical University of South Carolina and adjunct Professor of Bioengineering at Clemson University, and Dr. David Cummings, Assistant Professor of Medicine, Division of Metabolism, Endocrinology and Nutrition, University of Washington.
About Synecor LLC: Synecor LLC is an accelerator of innovative medical technology with offices located in Research Triangle Park, NC, Portola Valley, CA, and Santa Rosa, CA. Synecor has assembled significant scientific, financial, and corporate partnerships that participate in the Synecor incubation model.
About RWI Group: RWI Group is a privately held venture capital fund investing in communications, software, semiconductor and life sciences companies. For more information about RWI Group, please visit their website: www.rwigroup.com.
About Invesco: Since 1982, INVESCO Private Capital has been investing in venture capital opportunities in the emerging growth markets of information technology, life sciences, and commerce (consumer distribution). Our focus is on providing early and expansion stage capital to companies in the following areas: global commerce, communications infrastructure and services, and life sciences. For more information about Invesco, please visit their website: www.invescoprivatecapital.com.
About Delphi Ventures: Delphi Ventures is a private venture capital firm focusing on early-stage medical device and biotechnology investments throughout the United States. Founded in 1988, the Firm has approximately $600M under management and has invested in over 125 healthcare companies. For more information about Delphi Ventures, please visit their website: www.delphiventures.com.
About Frazier Healthcare Ventures: With over $1 billion under management, Frazier Healthcare Ventures has provided capital to emerging growth companies across the entire spectrum of the healthcare industry, at all stages of development, from incubation to late stage. The firm takes an active role in its investments and has one of the largest healthcare investment teams in the venture capital community. For more information about Frazier Healthcare Ventures, please visit their website: www.frazierhealthcare.com.