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news.PhotoThera, a developer of transcranial laser therapy, has closed a $50 million series D round of financing led by Warburg Pincus, a private equity firm, to fund a planned follow-on Phase III Nest-3 clinical study. The company has also appointed Arthur Taylor as its new president and CEO.
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Mr Taylor succeeds Thomas Wilder III who has decided to pursue other opportunities after successfully securing the series D funding and serving as the company’s president and CEO since April 2006.
Most recently, Mr Taylor served as vice president and general manager for the Kyphon products, spinal and biologics business of Medtronic. Mr Taylor holds a BS in corporate finance from San Diego State University and an MBA from the University of Southern California.
In addition to Warburg Pincus, participating investors include The Vertical Group, Hamilton BioVentures, Delphi Ventures, DeNovo Ventures, and certain individual members of Monterey Advisors.
The company has previously announced that Nest-3 would build upon the results of its Nest-2 trial, which revealed a statistically significant treatment effect for patients with moderate to moderately severe ischemic strokes using a post-hoc data analysis.
Jackson Streeter, founder and executive chairman of PhotoThera, said: “With the strong foundation Tom Wilder helped to build and the addition to the team of art’s deep operating expertise, I believe we are well positioned to take full advantage of our promising Nest-2 results with the launch of Nest-3 to secure the necessary data to support commercialization of our transcranial laser therapy technology.”