MicroTransponder Completes $73M Series E Financing
Vivistim Maker Names COO to Scale Operations & Lead New Product Development
AUSTIN, Texas, Sept. 21, 2022 /PRNewswire/ -- MicroTransponder, Inc. positions for continued strategic growth, having finalized its oversubscribed $73 million Series E funding round and named Prashant Rawat chief operating officer (COO). The funding supports the market development and commercialization of MicroTransponder's FDA-approved Vivistim® Paired VNS™ System, a first-of-its-kind breakthrough technology that uses vagus nerve stimulation (VNS) during rehabilitation therapy to improve upper limb function for stroke survivors.
"MicroTransponder is in a dynamic growth phase, and we are fortunate to have energized investors who are championing our progress toward establishing Vivistim as the gold-standard stroke rehabilitation intervention," said Richard Foust, MicroTransponder's CEO.
The company's Series E was led by US Venture Partners, a multi-stage investment firm. GPG Ventures and Exceller Hunt Ventures returned as existing investors alongside new venture investors that include Osage University Partners, Action Potential Venture Capital and The Vertical Group.
Additionally, Foust notes that naming a COO is a pivotal move that will significantly impact MicroTransponder's trajectory. "Prashant Rawat will invigorate our team with his wealth of experience leading and growing organizations through the innovation, development and launch phases of novel medical therapies. As we embark on the next stage of our company's progress, I am certain he will guide us diligently as COO in identifying and demonstrating the vast potential of Paired VNS Therapy in stroke rehabilitation as well as for other applications.
A named inventor on more than 85 patents and patent applications, Rawat has over 25 years of global experience in building and leading medical device teams to deliver novel therapies in the neurostimulation, neurovascular and cardiac fields. Most recently, he was the COO at Mainstay Medical, where he led research and development, clinical and regulatory efforts from inception to market approval, and scaled operations for commercial launches in Europe, Australia and the United States. Prior to that, he held positions at CSF Therapeutics, CVRx and Boston Scientific. Rawat has also held previous management positions in manufacturing and distribution and intellectual property.
"I am excited by both the proven impact of Paired VNS Therapy in stroke rehabilitation and its promise in other indications. Throughout my career, I have been inspired by innovative medical devices that change healthcare delivery while making a difference in people's lives, and that is the assignment that guides me as I take on the role of MicroTransponder's COO. I am grateful that our board and executives trust me to advance the company's priorities," said Rawat.
Rawat will primarily focus on scaling MicroTransponder's operations to meet commercial demand of Vivistim while also securing additional indications for Vivistim and advancing development of the next generation Paired VNS Therapy system.
For more information about MicroTransponder and the first FDA-approved use of vagus nerve stimulation for stroke rehabilitation, visit Vivistim.com.
About MicroTransponder®, Inc.
MicroTransponder®, Inc. is a privately held, global medical device company based in Austin, Texas, committed to developing research-based neuroscience solutions. The company focuses on restoring dignity and enhancing daily living for people suffering from neurological conditions that impair sensory and motor function. MicroTransponder's FDA-approved Vivistim® Paired VNS™ System is a first-of-its-kind, clinically proven medical technology that generates two to three times more improvement in upper limb function than rehabilitation alone for stroke survivors after six weeks of in-clinic therapy. For more information, visit Vivistim.com.
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