TransMedics, Inc. Secures $36 Million Round of Financing Led by Abrams Capital Management
ANDOVER, Massachusetts, Nov. 27, 2012 /PRNewswire/ -- TransMedics, Inc., the global leader in organ preservation technology, announced the closing of a $36 million financing round led by Abrams Capital with the participation of existing investors including Flagship Ventures, Hercules Technology Growth Capital and Kleiner Perkins Caufield & Byers.
"TransMedics is revolutionizing the field of solid organ preservation for transplantation and is well positioned to become the worldwide market leader," said David Abrams, Managing Member of Abrams Capital. "We led this investment because we believe that TransMedics has the right combination of superior products, market strategy and leadership to transform the organ transplant market and improve the quality of life for people around the world," said Travis Rhodes, Managing Director at Abrams Capital. Both Mr. Abrams and Mr. Rhodes have joined TransMedics' Board of Directors.
"We are committed to capitalizing on this market opportunity and creating significant shareholder value," said Dr. Waleed Hassanein, President and CEO of TransMedics, Inc. "This financing enables us to complete our heart and lung FDA pivotal trials and expand our global commercial activities."
Revolutionizing ex- vivo perfusion of donor organs at leading transplant centers around the world, TransMedics' Organ Care System (OCS™) Heart device is recognized as a top medical innovation by Cleveland Clinic, CNN and Popular Science. Most recently, the OCS Lung device was featured in The Lancet, a prestigious medical journal, in an article detailing the superior clinical results in high-risk lung transplant recipients.
The OCS is the only portable preservation technology that maintains donor organs in a near-physiologic and functioning condition from donor to transplant recipient. The OCS has the potential to improve post-transplant clinical outcomes and significantly expand the number of transplant procedures performed annually based on its unique and proprietary capabilities to overcome the current challenges of cold storage of donor organs.
About TransMedics, Inc.
TransMedics is a privately held medical technology company headquartered in Andover, Massachusetts. Dedicated to extending the life saving benefits of organ transplantation to patients suffering from end-stage organ failure, TransMedics has developed the OCS Lung and OCS Heart to address the unmet need for better, more effective organ preservation technologies. For more information, please visit www.TransMedics.com.
About Abrams Capital Management
Abrams Capital is a Boston-based investment firm founded in 1999 that currently manages $5.7 billion. The firm's investment strategy is opportunistic and follows a fundamental, value-oriented approach. Investments generally are made with a long-term time horizon. Abrams Capital and its affiliates have acquired and liquidated profitable investments across a wide spectrum of investment types, investment strategies, market sectors, market cycles and industries.
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