Redwood City, CA - Proteus Biomedical, a developer of micro-electromechanical systems (MEMS) for the treatment of congestive heart failure (CHF), announced today that it has completed a final closing on its Series B financing. The company has now raised a total of $11.6M to develop its advanced technology for heart failure management. Key investors include The Carlyle Group, Adams Street Partners, Kaiser Permanente Ventures, Fletcher Spaght Ventures, Asset Management Company, and Spring Ridge Ventures, which incubated Proteus Biomedical and was the sole Series A investor.

Proteus CEO Andrew Thompson said, “Proteus is making excellent progress in developing breakthrough products to treat heart failure. The level of investor interest in the company is encouraging, and the additional capital will enable us to accelerate our programs. In particular, the addition of The Carlyle Group to our investor syndicate gives us great confidence in our ability to raise additional capital as the company meets development milestones.”

Kaiser Permanente Vice President Chris Grant said, “We support innovative companies that improve quality of care and provide affordable clinical solutions for a growing population of patients with congestive heart failure. By associating with the nation’s largest integrated healthcare delivery system, we believe Proteus Biomedical will benefit from Kaiser Permanente deep clinical knowledge and experience.”

Proteus also announced the addition of several prominent executives to its Board of Directors. Frank Fischer, CEO of Neuropace and former CEO of Ventritex, has joined the Board as Chairman. Alan Levy, CEO of Northstar Neuroscience and former CEO of Heartstream, is also a new Director, as is Ventritex co-founder Ben Pless, now Neuropace COO and CTO.

Frank Fischer said, “Proteus has an remarkable combination of unique technology, talent and compelling clinical applications. The company has the potential to make a major contribution in the treatment of heart failure, one of the largest components of cost in the healthcare system.”

Terry Gould from Adams Street Partners and Ryan Schwarz from The Carlyle Group also sit on the Board. Mr. Schwarz said, “We are excited to back an experienced management team addressing a large clinical problem with compelling technology. We will help the team build a significant enterprise on the cutting edge of congestive heart failure therapy.”

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