Local venture capital firm Split Rock Partners participated in a $51 million investment round for a California medical device firm.
Transcend Medical Inc. said it will use the money for the U.S. pivotal study of its CyPass Micro-Stent, a device inserted into the eye that may reduce or eliminate the need for glaucoma medications. The investment will also go toward international clinical trials and product development.
Split Rock Partners was one of nine firms involved in the $51 million round. It was a follow-on investment for Split Rock, which has offices in Eden Prairie and Menlo Park, California.
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