Ann Arbor, MI and Grand Rapids, MI (September 2008) -
TransCorp, Inc. of Grand Rapids, MI announced today its recent incorporation and financing. David W. Lowy, MD, a private practice neurosurgeon at the Brain + Spine Center in Holland released a statement that he and EDF Ventures collaborated with other co-founders to start TransCorp, Inc. in order to further develop and commercialize several novel surgical instruments and implants.
Dr. Lowry stated, “Mike DeVries at EDF is clearly one of the leading medical device investor in this region. Mike knows the medical device space very well, and EDF has a proven track record as a solid investor. Mike and the EDF team understand the needs of seed and early stage companies, and they bring a wealth of knowledge to TransCorp. Mike has an excellent network, and will be actively adding value as chairman of the board.”
EDF Managing Director, Mike DeVries and Dr. Lowry have been working together and exploring several device concepts. DeVries shared, “Dr. Lowry has a proven track record in the medical device space. He co-founded Northstar Neuroscience (NASDAQ: NSTR), a neuro-stimulation company that went public in 2006. Dr. Lowry also worked with the Mayfield Fund, a $2.4 Billion venture capital fund, in the late 1990’s, where he served to source potential healthcare investments, perform due diligence, redirect one portfolio investment into a new technology, and co-found Northstar. He understands what it takes to get a medical device concept from the drawing board into the market.”
“Innovation in medical devices and the venture capital investments that support them are a vital component to West Michigan’s long-term economic success,” said Birgit Klohs, President and CEO of The Right Place, Inc., a leading economic development organization in West Michigan.
Hopen Therapeutics, LLC and high net worth individuals also participated in this round. Hopen’s Mark Olesnavage, former Executive Vice President of Perrigo, Inc. has joined the board of TransCorp.
Des O’Farrell, President and co-founder of TransCorp, adds “We are fortunate to be partnering with EDF Ventures. Mike DeVries understands the benefit of building a medical device company here in western MI. With the talent pool that exists here, and the accessible talent from Northern Indiana and Kalamazoo, we are very confident that our investors, partners, technology and our location will lead to a world class company.” Other founders of TransCorp include Dr. Roger Veldman of the Department of Engineering at Hope College, and Scott Tuinstra, PA-C of the Brain + Spine Center in Holland.
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