November 21, 2014 @ 9:52 am

MEMBER NEWS: Start Garden Announces Move to Trust Building in 2015

START GARDEN ANNOUNCES MOVE TO TRUST BUILDING IN 2015

New Space to Triple Footprint and Provide “Startup Village” for Grand Rapids

GRAND RAPIDS, Mich., November 20, 2014 – Start Garden, the $15,000,000 seed fund that selects an individual idea each week to receive a $5,000 investment, based on endorsements from the public and the Start Garden team, today announced it has begun construction of an entirely new facility, overtaking the entire second floor of the Trust Building, at the corner of Pearl St. and Ottawa Ave. in downtown Grand Rapids. The new location will triple the size of Start Garden’s current footprint.

Since launching in April of 2012, Start Garden has worked to not only provide financial capital, but intellectual and social capital for entrepreneurs in the region. To accomplish this, it has been located in a storefront on the corner of Louis St. and Ionia Ave. for more than two years. Programs within the space have ranged from formal classes, to open hours with highly experienced advisors, to explaining investment decisions in front of thousands of attendees to their monthly Update Night.

“After more than two years, this move is not just a relocation of Start Garden, but a major step in our growth,” said Rick DeVos, CEO of Start Garden. “This move is a response to our ecosystem as it matures from experimenting with ideas, to building fast-growth startups. Two years ago we didn’t have a portfolio. Now, we have a substantial number of companies into which we’ve invested. Enough to populate a startup village for the region. We expect to make additional announcements after the first of the year.

As of this date, Start Garden has funded 179 $5,000 experiments. It has invested between $50,000 and $500,000 into 26 startups, making it the most active, early-stage venture capital fund in Michigan.

More about future plans will come after Start Garden moves into its new space during the first quarter of 2015. Construction partners include Lorenz & Co. (Design), AMDG Architects (Architect of Record), Triangle Associates, Inc. (Construction Manager)

Additional detail about Start Garden and its programming can be found at startgarden.com.

About Start Garden

Start Garden is an unconventional venture capital fund that invests in over a hundred ideas a year in small increments. The program brings financial, intellectual and social capital to ideas at the earliest stage by connecting them to the resources of an entire region.  Located in Grand Rapids, Michigan, it is founded by Rick DeVos who’s past projects included ArtPrize, 5×5 Night, Momentum and Spout.com.

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November 20, 2014 @ 10:57 am

MVCA Honors VCs, Companies at 2014 Annual Awards Dinner

FOR IMMEDIATE RELEASE — NOVEMBER 17, 2014 – Ann Arbor, Mich. – At its annual awards dinner on December 1, 2014, the Michigan Venture Capital Association (MVCA) will honor ForeSee Results with the Best Exit Award, ProNAi Therapeutics with the Financing of the Year Award, Detroit Labs with the “100” Award and Michael Finney with the Lifetime Achievement Award.

“In the most recent research report, MVCA reported that the number of venture-backed companies in Michigan grew 111 percent in the last five years; indeed, there’s much to celebrate in terms of startups and activity happening in the state,” said Emily Heintz, MVCA associate director. “The MVCA awards shine a spotlight on Michigan’s entrepreneurial community.”

The MVCA Annual Awards Dinner attracts attendees from across the nation to celebrate the success of the venture capital community in Michigan.  In addition to featuring awardees, the MVCA Annual Awards Dinner will include a keynote by Shinola president Jacques Panis. Tickets for the 2014 MVCA Annual Awards Dinner are available for purchase online.

ForeSee Results, based in Ann Arbor, Mich., is an online customer experience analysis firm.  ForeSee is being recognized as MVCA’s Best Exit for the company’s tremendous growth in Michigan and its acquisition by Answers Corporation. This was Answers’ largest acquisition to date.

Based in Plymouth Township, Mich., ProNAi makes cancer drugs.  The company is being recognized with MVCA’s Financing of the Year award for raising $59.5 million in growth capital.  ProNai’s success is remarkable; it was the largest amount of venture capital ever raised at one time in Michigan.  As part of this fundraise, the company, and supporting Michigan-based venture firms, was successful in bringing a large amount of money into Michigan from outside of the state.

Detroit Labs, based in Detroit, Mich., is an organization of talented mobile app designers and developers.  Detroit Labs is being recognized by MVCA with the 100 Award for launching its 100th app. The company’s innovations include apps for Domino’s Pizza, DTE Energy, and Chevy. In the last year, Detroit Labs grew its team to 45 employees and expanded out of its startup space.

Michael Finney, president and CEO of the Michigan Economic Development Corporation (MEDC), based in Lansing, Mich., is being honored with MVCA’s Lifetime Achievement award for his ongoing support of venture capital firms in Michigan, and for his support of the state’s startups.  In the last 10 years, he has been actively involved in the establishment of several initiatives that have grown the venture capital community in Michigan into what it is today, including the 21st Century Investment Fund, the Life Science Corridor Program, and the Pure Michigan Venture Development Fund. The Pure Michigan Venture Development Fund invested in four new venture capital funds in Michigan – Resonant Capital, Michigan eLab, Detroit Venture Partners, and Detroit Innovate.

About the MVCA
The MVCA is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan.  The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan.  Membership includes venture capital firms, corporate venture funds, private equity firms, angel investors, and entrepreneurial infrastructure participants.  The MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan’s venture capital industry.  www.michiganvca.org

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November 19, 2014 @ 12:59 pm

MEMBER NEWS: Baird Capital Announces Close of $185 Million Venture Capital Fund IV

Baird Capital has completed fundraising for its fourth Venture Capital fund (BVP IV). The fund was significantly oversubscribed and closed at $185 million, exceeding its initial target of $150 million and the size of its previous fund. The fund was anchored by support from numerous institutions, foundations and family offices.

Baird Capital’s Venture team is led by partners Gordon Pan, Michael Liang, Jim Pavlik, Benedict Rocchio and Principal Nicole Walker, as well as Venture Partners David Gregorka, Don Layden and Fred Robertson.To date, BVP IV has already invested in five companies, including:

  • Catalyze
  • emids
  • Integrated Diagnostics
  • NeuMoDx Molecular
  • WordStream

Baird Capital’s Venture Capital team partners with entrepreneurs to build innovative, high-growth companies within the Technology-Enabled Services and Healthcare sectors. Committing $10 million to $15 million in equity over the life of an investment, the Venture Capital team looks to partner with companies with strong and experienced management teams, capital efficient business models, and differentiated products or services that address large market opportunities. To view Baird Capital’s current and historical investments, click here.

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November 12, 2014 @ 8:14 am

West Michigan MVCA Venture Fellow Sam Hogg sees green in the changing face of agriculture

Graduating MVCA Venture Fellow Sam Hogg has become immersed in the world of early-stage agribusiness, with ag-tech venture investor Open Prairie Ventures.  Sam recapped his two years in the MVCA Fellowship Program for us, and how he became an expert on spider venom’s most useful properties:

Tell us about your Fellow position–where are you, what have you been doing?
I’m at Open Prairie.  We are an Illinois-based firm that has a Michigan office primarily because we took over management of the Southwest Michigan First Life Science Fund in 2012.  I work across both the Open Prairie and SWMF portfolios.  We are a four-man team so there aren’t a lot of layers in our organization.  If you can imagine it, I probably do it.

Best deal done during your tenure?  Or Favorite technology or CEO or solution you’ve encountered during your time as a Fellow?
I’ve had a wonderful time working with the team at Vestaron.  Not only is the technology extremely novel (a spider venom-based agricultural insecticide), but the management team is top notch, both funds are investors and, selfishly, they are right in my backyard in West Michigan.  The only new deal we did during the fellowship was NewLeaf Symbiotics (St Louis) which, along with Vestaron, could change the face of sustainable agriculture forever.  It is exciting to be working on stuff that is very impactful.

One thing you’ve learned during your Fellowship that you didn’t know before you started in the industry?
How much the people matter in this industry.  You envision venture capital as picking winning ideas, but A teams with B technologies will outperform the opposite every time.  It makes you realize that successful VC firms aren’t necessarily the ones that have the smartest people, but rather the ones that have surrounded themselves with networks for success.

Anything surprising you’ve learned about yourself/your perspective on venture capital as a profession you didn’t know before you started?
How to stay focused amidst turmoil.  The SWMF LSF portfolio is reaching the natural age where some of the companies that didn’t catch stride are starting to wind down.  It has been really rewarding to work with management teams in distressed situations too.  In an industry where everyone clings to every success, I think folks who can can squeeze water out of rocks when things don’t go as planned really show their merit as money managers and bring value to their limited partners.

Plans for post-Fellowship?
I am committed to stay with Open Prairie and help manage out the remainder of the SWMF LSF.  I’m also highly committed to staying in Michigan because I love it here.  The mutual hope with Open Prairie is to pursue new fund products where Michigan is very much part of the investment thesis, and we are making good progress towards those ends.

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November 6, 2014 @ 10:50 am

MEMBER NEWS: Shawn O’Brien to Head Finance at Portfolio Company Delphinus

Shawn O’Brien to Head Finance at Beringea, North Coast, and Arboretum Ventures’ Portfolio Company Delphinus

Experience in Healthcare Sector Will Drive Value Proposition

PLYMOUTH TOWNSHIP, Mich. – November 5, 2014 – Delphinus Medical Technologies, Inc., announced today that Shawn O’Brien has been named Vice President of Finance, expanding further the recent appointments to the executive leadership team. He joins the company at a formative time with the advancement of SoftVue™, a true innovation in 3D whole breast ultrasound technology.

O’Brien comes to Delphinus having a successful career as a financial professional with extensive experience across a variety of corporate functions, most recently at CytoPherx of Ann Arbor, MI. In addition to spear-heading all aspects of fiscal operations, he was responsible for leading the project management team, including clinical trial guidance, and administering vendor relations. With his direction, the company realized sizable proceeds from on-time and under-budget project completions, based on targeted revenue-sparing strategies and focused implementation. While at Kux Architectural Products of Canton, Mich., O’Brien was promoted to head of finance, advancing through successively responsible positions at the company. He began his professional career as Controller at Advanced Material Process Corporation of Wayne, Mich.

“We are very pleased that Shawn has joined our team,” said Mark J. Forchette, president and chief executive officer of Delphinus. “We are entering an important growth phase, and his appointment is key as we develop a strong foundation to accelerate our strategies. Shawn’s contribution, based on his successful track record of knowledge and experience, will be critical as we move forward in our commitment to bring transformative advances in breast cancer screening with our SoftVue technology.”

O’Brien received his baccalaureate degree in accounting from University of Michigan, Flint, Mich. In addition, he earned a Masters of Business Administration at the same institution.

Delphinus has developed SoftVue, featuring a sophisticated imaging capability not possible with any other ultrasound system. Powered with circular, volumetric transducer technology, SoftVue images the entire breast in a continuous 360° scan sequence, moving from the back of the breast to the front, creating a cross-sectional image map. The procedure is streamlined, averaging two minutes per breast, and captures not only reflected echoes but the signals transmitted through the tissue. SoftVue provides a consistent and uniform exam without reliance on operator skill and technique, promoted by its automated, reproducible workflow and efficiency.

About Delphinus Medical Technologies, Inc.

Delphinus Medical Technologies, Inc. is a pioneering medical imaging company that has developed SoftVue™, the first circular array transducer technology that has received U.S. Food and Drug Administration clearance. The patented technology is a whole breast ultrasound tomography imaging device that delivers no radiation, requires no compression, and images the entire breast with a single scan. SoftVue is indicated for use as a B-mode ultrasonic imaging system and is not intended to be used as a replacement for screening mammography. Delphinus is capitalized through principal investments by Arboretum Ventures, Ann Arbor, Mich., Beringea, Farmington Hills, Mich., and North Coast Technology Investors, Ann Arbor, Mich. For more information, visit www.delphinusmt.com.

Contact Information

Debra Saunders

VP, Marketing and Sales

Delphinus Medical Technologies, Inc.

Tel: +1.734.233.3088

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October 29, 2014 @ 12:34 pm

MEMBER NEWS: Portfolio Company Vestaron Corp. racks up $14 mln Series C

Vestaron Corporation, a company that designs environmentally friendly insecticides, announced today the final close of its Series C Financing. Anterra Capital, based in the Netherlands, added $4M to the $10M previously announced to bring total funding to $14M. Anterra Capital is jointly funded by Moonray Investors, the proprietary investment arm of FIL Limited, the parent company of Fidelity Worldwide Investment, and Rabo Private Equity, the proprietary private equity arm of Rabobank. The round also included Cultivian Sandbox Ventures, Southwest Michigan First Life Science Venture Fund, Open Prairie Ventures, Pangaea Ventures, Michigan Accelerator Fund and others.

“I’m very pleased to welcome Anterra to the Vestaron team. Their perspectives will be greatly valued on the Board of Directors, and their experience in food and agriculture will be invaluable to us going forward,” said John Sorenson, CEO of Vestaron. “We’re overwhelmed to have attracted so much interest from the international venture capital community.”

Philip Austin, a Partner in Anterra Capital, said, “We’re delighted to be supporting Vestaron. We’ve been watching the Company for several years now, and we feel the time is right to make an investment in this groundbreaking company. The commercialization of their first product is proving that natural peptides can be a valuable source of novel insecticides providing farmers with a crop protection tool that has the power of chemicals with the safety profile of biologicals.”

Vestaron exploits the natural insecticidal properties of a class of peptides which have potent insect killing potential, but which are safe to humans, birds, fish, and the environment, including honeybees. These peptides utilize new modes of action that have never before been used for insect control, and therefore do not suffer from insect resistance. In addition to the bioinsecticides, the Company is putting the genes for the peptides into crop plants, and is modeling the active sites of the peptides to identify synthetic mimics that also have a favorable safety spectrum.

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October 29, 2014 @ 1:23 am

MVCA Executive Attraction Program helps lure tech start-up vet back from coasts

shaneAfter years on the tech scenes in San Francisco and New York, and with serious start-up and customer acquisition successes to his credit, Shelby Twp. native Shane Bliemaster watched Southeast Michigan’s tech industry growth with more than just passing interest.  And, in return, the burgeoning tech start-up scene wouldn’t stop trying to connect Bliemaster to the right opportunity back in his home state.  A few introductions to the right people in Michigan, and Shane was quickly just a few conversations away from landing back in Michigan permanently.  ”Everyone was so helpful when I would come back to visit.  They would tell me: ‘Here’s who you should meet…” and introduce me to someone else in Southeast Michigan’s tech community.  Eventually I found my way to (Nutshell CEO) Joe Malcoun and they were looking for a VP of Marketing with my background.  It was a perfect fit,” said Bliemaster from Nutshell’s Ann Arbor offices.

Nutshell hired Bliemaster to be their first VP of Marketing through the MVCA Executive Attraction Program, offered to MVCA members to help offset recruitment and first-year salary expenses for senior-level positions at their portfolio companies.  MVCA member Detroit Innovate, a Series A-1 investor alongside Barracuda Networks, Cahoots, and CKM Capital, helped Nutshell secure the award.  Patti Glaza, of Detroit Innovate, says: “This is a great example of how the state, the investment community and entrepreneurs are working together to build a stronger start-up ecosystem.  This is just the start of the talent ramp Nutshell will be executing on over the next few years, and we’re grateful the MVCA Executive Attraction Program could help us secure an ideal candidate like Shane.”

Becoming the new VP of Marketing of a company that’s never done marketing might seems like a daunting task, it’s one Bliemaster finds exhilarating.  ”Nutshell is a cloud-based Customer Relationship Management platform that was started with a small seed investment, and the team focused intently on building the best product.  They’ve grown without any marketing, so being able to build on that is exciting.   I feel incredibly lucky and excited to have the opportunity to join such a talented team in Michigan where my skills can contribute to building something great.”

Now that he’s officially part of the Michigan tech scene that helped him get back home, Bliemaster is ready to share the Nutshell story with the world.  ”Nutshell caters to the small business owner, as opposed to other well-known CRMs which are built more for huge enterprises.  We make it simple for users to get started right away and the interface is friendly and fun.  If you haven’t heard of Nutshell yet, you’re going to.”

The MVCA Executive Attraction Program is designed to increase the number of venture-backed executives in Michigan and has been expanded to include all C-level and senior sales and marketing positions at venture-backed firms.  It provides assistance with recruiting and first-year salary expenses associated with hiring exceptional talent at qualified MVCA member portfolio companies, with the goal of increasing the universe of successful portfolio companies in Michigan.  For more information on this and other MVCA programs, please visit www.michiganvca.org/mvca-programs.

 

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October 21, 2014 @ 9:18 am

MEMBER NEWS: Portfolio company Tetra Discovery Partners Announces Additional Financing and Formation of Scientific Advisory Board

GRAND RAPIDS, MI (October 16, 2014): Tetra Discovery Partners (“Tetra”), a drug discovery company developing a portfolio of innovative drugs for psychiatric, neurological and inflammatory diseases, today announced additional private financing. The company has received additional financing from previous seed investor Grand Angels, as well as an investment by Johnson & Johnson Development Corporation (JJDC).

Tetra additionally announced the formation of its Scientific Advisory Board, comprised of four prominent experts in the field of neuroscience and psychiatric drug development:

  • Catherine D. Strader, Ph.D., Founding Partner, Synergy Partners, R&D Solutions, LLC and former Executive Vice President and Chief Scientific Officer, Schering-Plough and Vice President and Site Head, Merck Research Laboratories
  • Scott A. Reines, M.D., Ph.D., former Senior Vice President, Central Nervous System, Pain and Translational Medicine, Janssen Research & Development, LLC
  • James S. MacDonald, Ph.D., Founding Partner, Synergy Partners, R&D Solutions, LLC and former Executive Vice President, Preclinical Development, Schering Plough Research Institute
  • Jeffrey S. Nye, M.D., Ph.D., Vice President Neuroscience Innovation and Scientific Partnership Strategy, Janssen Research and Development, LLC, Johnson & Johnson Innovation, former Chief Medical Officer of Research and Early Development at Janssen

“These new funds will support additional work aimed at the filing of our first Investigational New Drug (IND) application for our cognition drug candidate in 2015,” said Mark Gurney, Ph.D., Chairman and Chief Executive Officer of Tetra. “Thanks to the strong, continued backing of Grand Angels, our grant support through the NIH Blueprint Neurotherapeutics Network (BPN), the National Institute of Aging, and the National Institute of Mental Health, and now this early strategic investment by JJDC and other investors, we expect to initiate human clinical trials for our first product in either Alzheimer’s disease or schizophrenia next year.”

“Tetra Discovery Partners reflects the sort of innovative, high quality research being conducted in Michigan that our firm was created to support,” said Jody Vanderwel, President, Grand Angels. “Our belief in the strong potential of Tetra’s science, and the outstanding progress that the company has made in its lead program focused on the treatment of cognitive deficits and serious neurological and psychiatric diseases is now further supported by this new co-investment from JJDC.”

“Tetra welcomes the investment from JJDC and Johnson & Johnson Innovation, which reflects their stated aim of accelerating early stage innovation,” commented Dr. Gurney.

Commenting on the Tetra Scientific Advisory Board appointments overall, Dr. Gurney said, “Each of these individuals is an industry leader whose many years of expertise in the field of neuroscience drug development will be invaluable to our company as Tetra advances its subtype-selective PDE4 allosteric modulators for neurological, psychiatric, and inflammatory diseases into clinical development and eventual commercialization.”

About Tetra Discovery Partners

Tetra Discovery Partners (http://www.tetradiscovery.com) uses structure‑guided drug design to discover mechanistically novel, allosteric inhibitors of phosphodiesterase 4 (PDE4).  The company’s research focuses on developing new treatments for cognitive impairment in schizophrenia, depression, Alzheimer’s disease, Huntington’s disease and traumatic brain injury (TBI). The company is a recipient of a National Institutes of Health (NIH) Blueprint Neurotherapeutics Network cooperative research agreement, a $50 million program across 15 NIH Institutes and Centers.  The Blueprint program supports drug discovery research collaborations with early stage biotechnology companies and academics to develop effective therapeutics for nervous system disorders. The company also receives major funding through the National Institute of Aging, and the National Institute of Mental Health Small Business Innovation Research (SBIR) program. Tetra Discovery Partners is headquartered in Grand Rapids, Michigan and maintains a business office in the Cambridge Innovation Center in Cambridge, Massachusetts.

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October 15, 2014 @ 2:14 pm

Meet Kathryn Gardner, new MVCA Venture Fellow at Arboretum Ventures

Kathryn_04

Welcome back to Michigan, Kathryn Gardner, MVCA’s newest Fellow!  Kathryn starts her Fellowship at Arboreum Ventures, and we asked her to introduce herself to our MVCA community:

How did you find out about the Fellows program?  What advantage do you think the Fellows program gives younger professionals and venture firms when trying to make a match?

I learned about the Fellows Program during the recruitment process to Arboretum Ventures. We believed that being part of the program would allow me to network with others in the industry since I am new to venture capital and recently moved back from Chicago.

The Fellows Program has many advantages, but I believe that the most important is aligning fit within the industry. In venture capital fit is very important, from having a good management team, to investing in companies that fit specific criteria, and most importantly employee fit. The Fellows Program is a great avenue for aligning those not currently employed with a fund and those funds that need to add team members.

What are you most looking forward to being a Fellow ?

Being a part of the Fellows Program will provide me with additional opportunities to meet and network with many individuals in the venture capital community. The education portions of the Fellows Program will also be extremely beneficial to my success in the industry. I am looking forward to learning from others and networking as I grow into my role at Arboretum. I am also excited to be part of a program that looks toward revitalizing Michigan’s economy.

What will you be doing at Arboretum?

As an analyst at Arboretum, I will primarily be evaluating prospective investments and performing detailed due diligence on promising companies in the healthcare space.  My role will also involve supporting portfolio companies and assisting with fundraising.

What do you hope to be doing in 10 years?

In ten years I would like to own my own business, hopefully with family. It’s always been a dream of mine to have my own company and I know working in the venture capital industry will provide me an invaluable foundation to build that dream.

What attracts you to the venture capital industry?

There are many attractive aspects of venture capital, but what really hooked me was the opportunity to help invest in life-changing technologies. I believe that the best way to grow the economy is to build small businesses and provide them pathways for success that otherwise wouldn’t be available to them. I am looking forward to developing in my role as an analyst and contributing to the venture capital community in Michigan.

What’s your dream deal (the venture backed firm you wish YOU had spotted first!)?

WebMD. It has become the “go to” for self-diagnosis, or checking symptoms prior to calling your doctor / going to the ER. The practice of checking WebMD saves time and money in the healthcare system because doctors and nurses can focus on patients that are currently in their office / department, patients can save money on a co-pay or time spent waiting for a doctor and insurance companies do not have to pay for costly services doctors perform.

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October 15, 2014 @ 11:43 am

MEMBER NEWS: Portfolio Company Delphinus Medical Technology Adds VP Engineering

Chris Sanders Added to Delphinus’ Executive Team as Vice President of Engineering

Seasoned Ultrasound Expert to Guide Development Advances

PLYMOUTH TOWNSHIP, Mich. – October 14, 2014 – Delphinus Medical Technologies, Inc., the first company to design and manufacture a whole breast ultrasound system that incorporates circular transducer technology, announced today that Chris Sanders has joined the executive team as vice president of engineering. He comes to Delphinus with over 20 years of extensive global innovation and manufacturing expertise in the medical ultrasound domain.

Prior to Delphinus, Sanders was Director of Ultrasound Research and Development at Toshiba Medical Research Institute, USA, where he led the global research group that drove the advancement of matrix array transducer design. With his direction the team established collaborative partnerships with renowned research institutions and generated multiple publications and strategic medical patents.  During his 17 year career at Siemens Medical Solutions Corporation, he held numerous senior management positions. Recognized for attracting expert talent and leading international development teams to exceed corporate objectives, while Senior Director of Product Management, he steered the global launch and commercialization of several new product lines, leveraging multi-dimensional cross-platform synergies that streamlined the time-to-market process and increased margins substantially.

“Chris is a superb addition to the Delphinus team,” said Mark J. Forchette, recently appointed president and chief executive of Delphinus. “He brings a great depth of expertise and knowledge realized by the accomplishments he achieved during his tenure with leading medical imaging corporations.  We look forward to his guidance and vision directing our research and development teams, as we advance our SoftVue technology to address the need for innovative solutions in breast cancer screening.”

Sanders earned his baccalaureate degree in mathematics from the University of Colorado, Boulder Colo., with an emphasis in computer science. He also holds a Management of Technology Certification from the Weatherhead School of Management at Case Western Reserve, Cleveland.

Delphinus is the first to introduce an automated whole breast ultrasound system that utilizes a ring transducer technology to transmit and receive ultrasound signals. SoftVue captures reflection echoes from all directions around the breast and gathers transmitted signals coming through the breast, something no other ultrasound system, currently available, can do. With a short scan time of one to two minutes per breast, SoftVue presents a volumetric image map of the whole breast, providing a consistent and uniform exam without reliance on operator skill and technique.

About Delphinus Medical Technologies, Inc.

Delphinus Medical Technologies, Inc. is a pioneering medical imaging company that has developed SoftVue™, the first circular array transducer technology that has received U.S. Food and Drug Administration clearance. The patented technology is a whole breast ultrasound tomography imaging device that delivers no radiation, requires no compression, and images the entire breast with a single scan. SoftVue is indicated for use as a B-mode ultrasonic imaging system and is not intended to be used as a replacement for screening mammography. Delphinus is capitalized through principal investments by Arboretum Ventures, Ann Arbor, Mich., Beringea, Farmington Hills, Mich., and North Coast Technology Investors, Ann Arbor, Mich. For more information, visit www.delphinusmt.com.

Contact Information:
Debra Saunders
VP, Marketing and Sales
Delphinus Medical Technologies, Inc.
Tel:  +1.734.233.3088
Email: dsaunders@delphinusmt.com

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The MVCA is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan. The organization's goal is to grow and sustain a vibrant venture capital community in Michigan.
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