A Diagnostics & Imaging Week

Transcend Medical (Menlo Park, California) an ophthalmic device company dedicated to delivering breakthrough advances in the treatment of glaucoma, reported that it has closed a $35 million Series B round and is continuing the rapid development of its Transcend CyPass System, a proprietary system for the minimally-invasive treatment of glaucoma.

Lead investor HLM Venture Partners, along with other new investors Canaan Partners, Technology Partners and Latterell Venture Partners made significant contributions to this round of financing, which was also strongly supported by current investors Morgenthaler Ventures and Split Rock Partners.

"Completing this round is a testament to the progress of our technology and a strong validation of its potential to impact the future of glaucoma treatment," said Brian Walsh, president/CEO of Transcend. "We are now well-capitalized to accomplish all initial clinical and commercial milestones for the company."

The Transcend CyPass System is being developed to both replace current glaucoma therapies, which either lack effectiveness or are very invasive, and to expand treatment to a much larger patient population. Transcend is focused on a less invasive procedure using a novel, proprietary system that reduces intraocular pressure.

Transcend was the first company to be spun out of ForSight Labs (Also Menlo Park), an incubator solely focused on ophthalmic innovations. Transcend received $7 million in Series A funding from investors back in 2006.

In other financing news:

• Great Basin Scientific (Salt Lake City), a privately held life sciences company developing point-of-care molecular diagnostic solutions, reported that it has closed $3.6 million in bridge funding to support the company through 2009 and the launch of its first product, pending FDA 510(k) clearance in December. Returning investors participated in the funding round.

"With this round of financing, we have secured all the funding needed for our entrance into the market as the second generation of diagnostic testing, a disruptive technology platform that promises accurate, point-of-care results and comes at a lower cost than the industry standard," said President/CEO Ryan Ashton.

Beginning as early as mid-July, several major hospitals will serve as beta testing sites for Great Basin's point-of-care molecular platform. During beta-testing, clinicians will test the analyzers and provide feedback on process flow and functionality. The testing will serve as preparation for the clinical trials scheduled to begin in August.

• Quest Diagnostics (Madison, New Jersey said the final results for its previously reported cash tender offer to purchase up to $200 million total aggregate principal amount (the "Tender Cap") of its 5.125% senior notes due 2010 and 7.50% senior notes due 2011.