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FIRE1 Raises EUR 40 Million in Series C Financing

DUBLIN, Ireland, January 30, 2018 – Foundry Innovation & Research 1, Ltd. (FIRE1), today announced the close of a Series C financing totaling EUR 40 Million. The financing was led by new investor Gilde Healthcare, with the participation of new investors Gimv and Seventure and all existing investors, including Lightstone Ventures, Medtronic, and New Enterprise Associates. It was also announced that Janke Dittmer, Partner at Gilde Healthcare, and Patrick Van Beneden, Partner at Gimv, have joined FIRE1’s Board of Directors.

The financing provides FIRE1 with capital to further advance its novel remote monitoring solution to improve outcomes for heart failure patients. Nearly six million Americans live with heart failure, a number that is expected to increase to more than eight million by 2030.  Globally, it is estimated that at least 26 million people suffer from heart failure, and the burden is particularly high for older patients. It is the leading cause of hospitalization for people over 65, with annual treatment costs exceeding $31 billion in the U.S. alone.  With an aging population, the impact of heart failure is expected to increase substantially.

“This infusion of new capital from these premier investors will enable us to accelerate our progress and deliver on our commitment to help patients with heart failure,” said Conor Hanley, FIRE1 CEO and President.  “Heart failure is a life-threatening disease and a significant burden on patients and healthcare systems.  Managing patients at home with novel digital health-enabled solutions will help intercept the trajectory of the disease and reduce the need for hospitalization.”

“Improving outcomes for heart failure patients remains one of the most pressing needs in healthcare,” said Janke Dittmer, Partner at Gilde Healthcare. “We have been impressed by the FIRE1 team, their development progress and the support they’ve garnered from leading clinicians for their comprehensive solution to transform heart failure management.”

About FIRE1

Headquartered in Dublin, Ireland, FIRE1 is a connected medical device solutions company dedicated to improving outcomes for people suffering with chronic diseases.  Its first product is a novel remote monitoring solution to improve outcomes for Heart Failure patients. The FIRE1 team is led by an experienced medical devices team who are working closely with researchers, clinicians, patients and payors to help reduce the burden of heart failure.  For more information, please visit www.fire1foundry.com.

About The Foundry

FIRE1 is the 15th medical device company from The Foundry.  The Foundry was established in 1998 to rapidly turn the best concepts into successful new medical device companies. In addition to inventing new technologies itself, The Foundry works closely with outside clinicians and inventors with promising ideas. Over the past eighteen years, The Foundry’s companies include Ardian (acquired by Medtronic), Cabochon Aesthetics (acquired by Ulthera/Merz), Cierra (acquired by Terumo), Concentric Medical (acquired by Stryker), Cotera, Emphasys Medical (acquired by Pulmonx), Evalve (acquired by Abbott Labs), First to File (acquired by Mark Monitor), Nuvaira, Miramar Labs (acquired by Sientra), Satiety, Twelve (acquired by Medtronic), XTENT, and the ophthalmic company incubator Forsight Labs. The Foundry, LLC is located in Menlo Park, California. For more information, please visit: www.thefoundry.com.

About Gilde Healthcare

Gilde Healthcare is a specialized European healthcare investor managing two business lines: a venture & growth capital fund and a lower mid-market buy-out fund.  Gilde Healthcare’s venture & growth capital fund invests in medtech, diagnostics, digital health and therapeutics. The portfolio companies are based in Europe and North America.  Gilde Healthcare’s lower mid-market buy-out fund invests in profitable European healthcare services companies with a focus on the Netherlands, Belgium and Germany. The portfolio consists of healthcare providers, suppliers of medical products and other service providers in the healthcare market.  Since 2001 Gilde Healthcare has raised EUR 800 million (USD 1 billion) for its specialized funds. Gilde is currently investing out of Gilde Healthcare IV which is financed, in part, by the European Recovery Program-European Investment Fund Facility.  For more information, visit the company’s website at www.gildehealthcare.com.

About GIMV

Gimv is a European investment company with 37 years’ experience in private equity and venture capital. Listed on Euronext Brussels, Gimv currently manages around 1.6 billion EUR (including co-investment partnerships) of investments in about 50 portfolio companies.

As a recognized market leader in selected investment platforms, Gimv identifies entrepreneurial and innovative companies with high-growth potential and supports them in their transformation into market leaders. Gimv’s four investment platforms are: Connected Consumer, Health & Care, Smart Industries and Sustainable Cities. Each of these platforms works with a skilled and dedicated team across Gimv’s home markets of the Benelux, France and Germany and can count on an extended international network of experts.  More information on Gimv can be found on www.gimv.com.

About Seventure Partners

With over EUR 660m in assets under management as of the end of 2016, Seventure Partners is a leading venture capital firm in Europe. Since 1997, Seventure Partners has invested in innovative businesses with high growth potential in two fields: Digital technologies in France and Germany, and Life sciences across Europe, Israel and North America.

In Life sciences, the four areas of focus include biotechnology and pharmaceuticals, connected health and medtech, industrial biotechnology, and last but not least: the MICROBIOME, nutrition, foodtech and personalized medicine. Investments can range between EUR 500k and EUR10m per round, or up to EUR 20m per company, from early to late stage. Recently, Seventure Partners successfully launched Health for Life CapitalTM which has attracted strategic investments from prestigious organizations including Danone, Tereos, Tornier, Lesaffre, Bel and Novartis, as well as entrepreneurs and financial institutions.  For more details: http://www.seventure.fr/en/Twitter @SeventureP

About Lightstone Ventures

Lightstone Ventures (LSV) was founded in 2012 by the General Partners of the life science teams at Advanced Technology Ventures (ATV) and Morgenthaler Ventures to invest in early-stage breakthrough medical device and biopharmaceutical companies that have the potential to change medicine. Members of the Lightstone team have been involved in several of the largest, venture-backed life science exits over the last decade. The firm now has offices in the U.S., Europe, and Asia. For more information, visit www.lightstonevc.com.

About NEA

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly USD17 billion in cumulative committed capital since inception, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. www.nea.com.

European Media Contact:

Eimear Galvin

eimear.galvin@drurypn.ie

U.S. Media Contact:

Donna von Halle

dvonhalle@comcast.net

FIRE1 Closes Series B Financing, Announces New CEO

April 12, 2016 04:00 AM Eastern Standard Time

DUBLIN, IRELAND–(Marketwired – Apr 12, 2016) – Foundry Innovation & Research 1, Ltd. (“FIRE1”) today announced it has closed its Series B financing, appointed Conor Hanley as President and CEO, and added other new senior leaders to its team including John Britton, Vice President of Commercial Operations, and Fiachra Sweeney, Senior Director of Engineering.

The Company, which is developing a novel remote monitoring device, raised USD 7.5 million from existing investors including leading venture capital firms Lightstone Ventures and New Enterprise Associates, as well as Medtronic. FIRE1 is the 15th medical device company founded by The Foundry. With this financing, Foundry Managing Director Mark Deem was also appointed Chairman of the Board.

“With the support from these premier investors, the strength of our newly expanded leadership team, and the Irish government aggressively pushing the connected health ecosystem, we are in a very strong position to accelerate the development and commercialisation of our first product,” said Conor Hanley, FIRE1 CEO and President. “This investment underscores global unmet needs in healthcare delivery, especially in predicting the onset of major diseases.”

Prior to joining FIRE1, Hanley held senior management positions with ResMed, including leading the Company’s Chronic Disease Management Solutions division, its Cardiology business, and its Ventures and Initiatives business units. Prior to ResMed, he was CEO and co-founder of BiancaMed, which commercialised a novel method to provide connected health solutions, and was acquired by ResMed in 2011. Hanley received a PhD in Chemical Engineering from the University of Pennsylvania, an MBA from INSEAD, and a First Class Honours B.E. from University College Dublin.

John Britton, Vice President, Commercial Operations, joins FIRE1 with deep expertise in bringing innovative medical technologies to market. Most recently with ResMed, Britton led the commercialisation of a novel, non-contact sensing technology. Previously, he was an Engagement Manager with McKinsey & Co. where he worked in a variety of industries, including healthcare. He received an MBA from the UCD Smurfit School of Business, and was a post-doctoral researcher in Trinity College Dublin’s Centre for Bioengineering, and has a First Class Honours degree in Mechanical Engineering from University College Dublin.

Fiachra Sweeney joins FIRE1 as Senior Director of Engineering and has extensive background in medical device research, development, sales and marketing. Prior to FIRE1, he was with Nypro Healthcare where he was responsible for the design and development of a connected auto-injector device. Previously, he was with Medtronic in a variety of product development and engineering management roles, most recently leading a team through the development, approval and commercialisation of a novel coronary angioplasty catheter. Fiachra has a Biomedical Engineering degree from NUI Galway and an MBA from the Australian Graduate School of Business.

About FIRE1
Headquartered in Dublin, Ireland, FIRE1 is a medical device company developing a novel remote monitoring device. The Company is headquartered at NexusUCD, the Industry Partnership Centre at University College Dublin. For more information, please visit www.fire1foundry.com.

About The Foundry
The Foundry was founded in 1998 to rapidly turn the best concepts into successful new medical device companies. In addition to inventing new technologies itself, The Foundry works closely with outside clinicians and inventors with promising ideas. Over the past eighteen years, The Foundry has formed over fifteen new companies, including Ardian (acquired by Medtronic), Cabochon Aesthetics (acquired by Ulthera/Merz), Cierra (acquired by Terumo), Concentric Medical (acquired by Stryker), Cotera, Emphasys Medical, Evalve (acquired by Abbott Labs), First to File (acquired by Mark Monitor), Holaira, Miramar Labs, Satiety, Twelve (acquired by Medtronic), XTENT (NASDAQ: XTNT), and the ophthalmic company incubator Forsight Labs. The Foundry, LLC is located in Menlo Park, California. For more information, visit: www.thefoundry.com.

About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. www.nea.com.

About Lightstone Ventures
Lightstone Ventures (LSV) was founded in 2012 by the General Partners of the life science teams at Advanced Technology Ventures (ATV) and Morgenthaler Ventures to invest in early-stage breakthrough medical device and biopharmaceutical companies that have the potential to change medicine. Members of the Lightstone team have been involved in several of the largest, venture-backed life science exits over the last decade. The firm now has offices in the U.S., Europe, and Asia. For more information, visit www.lightstonevc.com.

About Medtronic
Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world’s largest medical technology, services and solutions companies — alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 85,000 people worldwide, serving physicians, hospitals and patients in approximately 160 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.

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New Company Launched by The Foundry

January 09, 2014 07:00 AM Eastern Standard Time

DUBLIN, Ireland–(BUSINESS WIRE)–Covidien plc (NYSE: COV), Lightstone Ventures and New Enterprise Associates (NEA) will jointly invest in a new company launched by The Foundry, a premier medical device incubator. The new company, which is called FIRE1 and is based in Dublin, Ireland, will focus on developing novel therapeutic devices. Series A funding will provide the company with the resources to develop and commercialize solutions to address certain unmet medical needs. Specific market plans and financing terms were not disclosed

About The Foundry:The Foundry was founded in 1998 to rapidly turn the best concepts into successful new medical device companies. In addition to inventing new technologies itself, The Foundry works closely with outside clinicians and inventors with promising ideas. Over the past fifteen years, The Foundry has formed over fifteen new companies, including Ardian (acquired by Medtronic), Cabochon Aesthetics, Cierra (acquired by Terumo), Concentric Medical (acquired by Stryker), The Foundry, LLC is located in Menlo Park, California. For more information, visit the company’s website at www.thefoundry.com.

About Lightstone Ventures: Lightstone Ventures (LSV) was founded in 2012 by the Life Science Partners of Advanced Technology Ventures (ATV) and Morgenthaler Ventures to focus on novel breakthrough medical devices and biopharmaceuticals. The Lightstone team actively manages the Morgenthaler and ATV life science portfolios of more than 40 life science companies and has been involved in several of the largest, venture-backed healthcare exits over the last decade. For more information, visit www.lightstonevc.com.About Covidien (now part of Medtronic) is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien develops, manufactures and sells a diverse range of industry-leading medical device and supply products. With 2013 revenue of $10.2 billion, Covidien has more than 38,000 employees worldwide in more than 70 countries, and its products are sold in over 150 countries. Please visit www.covidien.com to learn more about our business.

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