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.