Returning investor Arboretum Ventures, joined by Hatteras Venture Partners, to fuel Boomerang Medical’s accelerated clinical and regulatory progress.
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–#autoimmune disease–Boomerang Medical, a women-led bioelectronic medicine company, today announced the closing of a $15 million Series A funding round led by existing investor Arboretum Ventures and new investor Hatteras Venture Partners. This round brings Boomerang’s total funding to $18 million to date. Boomerang will use proceeds from the funding to advance clinical studies of neuromodulation for the treatment of autoimmune diseases, with an initial focus on inflammatory bowel disease (IBD).
Along with the Series A funding, Jeff Terrell, General Partner of Hatteras Venture Partners, joined Boomerang’s Board of Directors.
“We are grateful for the support of our new and existing investors as we seek to expand device-based treatment options for people with autoimmune diseases,” said Heather Simonsen, President and CEO of Boomerang. Medical. “We are especially proud to announce this funding as a woman-led company, after seeing the proportion of venture capital funding dollars rise from 2.8% in 2019 to 1.9% so far. in 2022 for female-led businesses, a decline that we are helping to reverse.
“Heather and her team, with the strong support of Fogarty Innovation, have reached critical milestones in a very short time, culminating in their recent approval by the Food and Drug Administration to begin the Boomerang clinical trial for patients with IBD” , said Jeff. Terrell, General Partner, Hatteras Venture Partners. “Hatteras is pleased to support Boomerang’s efforts to develop novel therapies in this area of high unmet clinical need.
It is estimated that more than 50 million people in the United States suffer from an autoimmune disease, representing an annual burden on the global healthcare system of more than $100 billion. One of the most prevalent and costly is inflammatory bowel disease (IBD), including its most common forms: Crohn’s disease and ulcerative colitis. The onset of IBD usually occurs in early adulthood, is a lifelong disease and affects almost all aspects of life, including patients’ private, professional and social life. Research over the past 20 years has shown that stimulation of certain nerve pathways can help regulate an overactive immune response in people with IBD and other autoimmune diseases.
Tom Shehab, MD, Managing Partner at Arboretum Ventures, added, “Boomerang’s seasoned team is well positioned to advance its device-driven approach with strong potential to treat historically difficult to treat autoimmune diseases. This investment reflects our confidence in the Boomerang platform and the company’s ability to realize its vision. We look forward to supporting the team in their clinical efforts and tackling the growing incidence of inflammatory bowel disease.
About Boomerang Medical
Boomerang Medical is a women-led, clinical-stage company headquartered on the El Camino Hospital campus in Mountain View, CA, and is a company-in-residence at Fogarty Innovation. Boomerang is developing technology to advance the treatment of autoimmune diseases by harnessing the body’s peripheral wiring to manage inflammation and immune response. For more information, please visit www.boomerangmedical.com.
About Arboretum Ventures
Arboretum Ventures is an early-stage venture capital firm specializing in the healthcare industry. The company invests in medical devices, life science tools and diagnostics, and technology care delivery. Arboretum’s guiding vision is to identify transformative healthcare companies that develop improved, lower-cost solutions to major chronic health conditions in a capital-efficient manner. Founded in 2002 and based in Ann Arbor, Michigan, Arboretum currently manages $700 million in capital across five investment funds. For more information, please visit www.arboretumvc.com.
About Hatteras Venture Partners
Founded in 2000 and based in Durham, North Carolina, Hatteras Venture Partners is a venture capital firm focused on seed and seed investments in healthcare. Through seven funds and more than $750 million under management, the company has invested in groundbreaking science and entrepreneurial courage in biopharmaceuticals, medical devices, diagnostics, health informatics and related opportunities in human medicine. To learn more, please visit www.hatterasvp.com.
About Fogarty Innovation
Based at the El Camino Health campus in Mountain View, California, Fogarty Innovation is a leading medical technology nonprofit organization dedicated to advancing human health worldwide. Led by a dedicated team of seasoned experts in the field, the organization fosters stronger alliances between innovators, industry and government, creating a powerful engine for the invention, development and deployment of new health in the care pathway. Fogarty Innovation was founded by Thomas J. Fogarty, MD, world renowned cardiovascular surgeon, inventor, entrepreneur and winemaker. Learn more about www.fogartyinnovation.org.