Tibion Corporation, a Sunnyvale, Calif.-based developer of a robotic bionic leg for stroke survivors, closed a $10.175m financing round. Investors include Three Arch Partners, Portola Valley, and Hambrecht & Quist Capital Management.
As also stated by CEO Charles Remsberg, the financing will enable the company to accelerate roll-out of the new interchangeable battery version of its wearable gait-rehabilitation robot, and to expand our sales and marketing programs.
In conjunction with the financing, Conrad Wang, principal at Three Arch Partners, Daniel Omstead, PhD, CEO at Hambrecht & Quist Capital Management, and John Steuart, managing partner at Claremont Creek Ventures, will join the company’s board of directors.
In addition, Randy Lindholm, a widely recognized advisor to and on the boards of numerous medical device companies, has been appointed as chairman of the board. He has served as chairman, president and CEO of VidaMed, Inc., which was sold to Medtronics.Tibion’s bionic leg is designed to provide the assistance and resistance required by a stroke survivor’s weakened leg, enabling the repetitive sit-to-stand, overground walking and stairclimbing exercises to promote the “brain re-wiring” believed necessary for gait recovery.
The company began marketing the product in January 2010 in the U.S.
FinSMEs
01/03/2011
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Stroke Survivor Merrick Teague, Wife & Friends Describe Life After Bionic Leg Therapy from Mel Snyder on Vimeo.
Stroke Survivor Merrick Teague, Wife & Friends Describe Life After Bionic Leg Therapy from Mel Snyder on Vimeo.