Cadence Biomedical Announces $1.2M Series B Funding Close
New Funding Expands Commercialization of Device to Accelerate Stroke Survivors’ Recovery to Walking
Seattle, WA – June 24, 2015 – Cadence Biomedical, the manufacturers of Kickstart®, designed to enable walking and accelerate therapeutic outcomes for stroke and other neurological conditions, today announced the close of a $1.2M Series B investment round. The round was led by HealthTech Capital and included participation from BioPacific Investments, Frontier Angel Fund, and individual investors. The new funds will be used to expand sales and marketing activities to drive adoption of Kickstart throughout the country.
“Every day we hear more success stories from our clinical partners about their patients reaching new levels of independence,” said Cadence CEO Barry Hix. “Chronic stroke survivors are progressing past plateaus, and patients in rehabilitation facilities are achieving improved outcomes faster than would otherwise be possible. With this funding, we are poised to expand our footprint and help more patients recover to walking while also helping the larger healthcare ecosystem reduce the economic burden of stroke.”
Kickstart is a wearable neurorehabilitation device designed to accelerate walking recovery and functional improvements following a stroke, spinal cord injury and other neurological conditions. The core technology of the product is a patented, bio-inspired Exotendon™ that functions like an artificial tendon to assist users with stability, leg advancement and cues for proper walking without the cost or complexity of electronics. As a result, Kickstart is affordable and easy to incorporate in both clinical and home environments.
“We are pleased to lead Cadence’s Series B and build upon our prior investment,” said Don Ross, Founder and Managing Director of HealthTech Capital. “I have seen first-hand Kickstart’s ability to transform lives. For more than two decades after my wife’s stroke, she had limited mobility. After using Kickstart for about a year, she now is able to walk independently, go ballroom dancing, and this past winter she even skied again. Not only do we see Cadence as a good financial investment, but we also are helping to bring this critical technology to those in need.”
About Cadence Biomedical
Cadence Biomedical is a commercial-stage medical device company headquartered in Seattle, WA. Cadence manufactures and markets Kickstart®, a neurorehabilitation device designed to accelerate walking recovery in individuals with impairments from stroke, spinal cord injury, multiple sclerosis and other neurological conditions. Kickstart’s unique, patented Exotendon technology functions like an artificial tendon to provide stability, support and swing assistance which enables ambulation in the clinic and ultimately into the community.
To learn more about Kickstart and our commitment to equip patients to ‘recover to walking’, please visit Cadence on the web at www.cadencebiomedical.com.
Media Contact: Sian Wu, (206) 701-4734, swu@cplusc.com
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