MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Boomerang Medical, a women-led bioelectronic medicine company, contiguous announced the closing of a $15 cardinal Series A financing led by existing capitalist Arboretum Ventures and caller capitalist Hatteras Venture Partners. This circular brings Boomerang’s full backing to $18 cardinal to date. Boomerang volition usage the proceeds from the financing to beforehand objective studies connected neuromodulation for the attraction of autoimmune diseases, with an archetypal absorption connected Inflammatory Bowel Disease (IBD).
In conjunction with the Series A financing, Jeff Terrell, General Partner of Hatteras Venture Partners, has joined the Boomerang Board of Directors.
“We are thankful for the enactment of our caller and existing investors arsenic we look to grow device-oriented attraction options for radical with autoimmune diseases,” said Heather Simonsen, President and Chief Executive Officer of Boomerang Medical. “We are particularly arrogant to denote this financing arsenic a woman-led company, aft watching the proportionality of task backing dollars driblet from 2.8 percent successful 2019 to 1.9 percent frankincense acold successful 2022 for companies with a pistillate astatine the helm, a diminution we are helping to reverse."
“Heather and her team, with beardown enactment from Fogarty Innovation, person reached captious milestones successful a precise abbreviated magnitude of time, culminating successful their caller support by the Food and Drug Administration to commence the Boomerang Clinical Trial for patients with IBD,” said Jeff Terrell, General Partner, Hatteras Venture Partners. “Hatteras is delighted to enactment Boomerang’s efforts to make caller therapies successful this country of important unmet objective need."
It is estimated that much than 50 cardinal radical successful the U.S. person an autoimmune disease, accounting for an yearly load to the wide healthcare strategy of much than $100 billion. One of the astir prevalent and costly is Inflammatory bowel illness (IBD), including its astir communal forms: Crohn’s illness and ulcerative colitis. The onset of IBD usually occurs successful young adulthood, is simply a lifelong condition, and affects astir each aspects of living—including patients’ private, occupational and societal lives. Research implicit the past 20 years has shown that stimulating definite nervus pathways whitethorn assistance modulate an overactive immune effect successful radical with IBD and different autoimmune diseases.
Tom Shehab, MD, Managing Partner astatine Arboretum Ventures added, “The seasoned squad astatine Boomerang is well-suited to beforehand its device-oriented attack with beardown imaginable to code historically hard-to-treat autoimmune conditions. This concern reflects our content successful the Boomerang level and the company’s quality to execute towards their vision. We look guardant to supporting the squad successful its objective efforts and moving to combat the expanding incidence of Inflammatory Bowel Disease.”
About Boomerang Medical
Boomerang Medical is simply a women-led clinical-stage institution headquartered connected the field of El Camino Hospital successful Mountain View, Calif. and is simply a Company-In-Residence astatine Fogarty Innovation. Boomerang is processing a exertion to beforehand the attraction of autoimmune diseases by harnessing the body’s ain peripheral wiring successful bid to negociate inflammation and immune response. For much information, delight sojourn www.boomerangmedical.com.
About Arboretum Ventures
Arboretum Ventures is an early-stage task superior steadfast specializing successful the healthcare sector. The steadfast invests successful aesculapian devices, beingness subject tools & diagnostics, and tech‐enabled attraction delivery. Arboretum’s guiding imaginativeness is to place transformative healthcare companies that are processing improved and little costly solutions to large, chronic wellness problems successful a capital‐efficient manner. Founded successful 2002 and located successful Ann Arbor, Michigan, Arboretum presently manages $700 cardinal successful superior crossed 5 concern funds. For much information, delight sojourn www.arboretumvc.com.
About Hatteras Venture Partners
Founded successful 2000 and based successful Durham, NC, Hatteras Venture Partners is simply a task superior steadfast with a absorption connected effect and aboriginal signifier healthcare investing. Through 7 funds and implicit $750 cardinal nether management, the steadfast has invested successful breakthrough subject and entrepreneurial grit successful the areas of biopharmaceuticals, aesculapian devices, diagnostics, healthcare IT, and related opportunities successful quality medicine. To larn more, delight sojourn www.hatterasvp.com.
About Fogarty Innovation
Headquartered connected the El Camino Health field successful Mountain View, California, Fogarty Innovation is simply a starring aesculapian exertion nonprofit dedicated to advancing quality wellness worldwide. Driven by a dedicated squad of seasoned experts successful the field, the enactment fosters stronger alliances among innovators, manufacture and government, creating a almighty motor for the invention, improvement and deployment of caller wellness technologies into the attraction pathway. Fogarty Innovation was founded by Thomas J. Fogarty, MD, a world-renowned cardiovascular surgeon, inventor, entrepreneur and vintner. Learn much astatine www.fogartyinnovation.org.
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