Versant Ventures’ Newport Beach office has taken part in $6 million worth of funding for a pair of Orange County medical device companies.
Glaukos Corp. of Laguna Niguel received a $3 million investment shared by Versant and Domain Associates LLC, a Princeton, N.J. venture firm with a Laguna Niguel office. Glaukos is developing treatments for glaucoma.
Glaukos’ technology is designed to eliminate the high eye-fluid pressure associated with glaucoma using a device that can be implanted during an office procedure.
Glaukos has ties with the University of California, Irvine, which is beefing up its biomedical engineering program under Dr. Steven George (see story, page 1). Dr. Richard Hill, a UCI associate professor of ophthalmology, is working with Glaukos, according to William Link, a Versant managing director.
“In fact, when Steve George gives his presentation, he gives Dr. Hill’s invention and Glaukos as an example of collaboration between the university and industry,” Link said.
Versant learned of the Glaukos project through Hill and partners at Domain Associates, Link said. “They wanted me to look at the project because I have a personal background in ophthalmology,” he said.
Link’s previous career includes founding Chiron Vision, an ophthalmic surgery company sold to Bausch & Lomb Inc. in 1997 for $310 million. Link also founded American Medical Optics, a division of American Hospital Supply Corp. that was sold to Irvine-based Allergan Inc. in 1986 for $165 million.
Versant also participated in a separate $3 million investment with Sorrento Ventures of San Diego in Cameron Health Inc. Cameron Health, a privately held San Clemente firm, is developing an implantable device for correcting irregular heartbeat.
Cameron plans to use the money to “improve the concept and feasibility” of its products, said Bill Rissmann, the company’s president.
Cardiovascular device companies have drawn investor interest lately with the slowing economy and troubles in the technology sector.
“Healthcare is a good, stable place,” Rissmann said. “People who were interested in healthcare are always interested in it.” n
