Arsenal Medical armed with $8M from insiders

Dow Jones VentureWire
05.04.09

Arsenal Medical armed with $8M from insiders

Arsenal Medical Inc., a stealth-mode medical device company previously known as WMR Biomedical Inc., has raised $8.1 million in an insider Series C round.

Intersouth Partners, North Bridge Venture Partners and Polaris Venture Partners provided the funding, said R. Scott Rader, chief executive of Arsenal. Valuation was not disclosed.

Arsenal, founded in November 2005, is based in Watertown, Mass., and is developing devices for ophthalmology and cardiovascular disease using biomaterials. Rader, who was CEO of Bacchus Vascular Inc. until late 2007, declined to discuss the technology or the business further, saying the company would disclose more information in two to three weeks.

Arsenal's board, as listed in a recent Securities and Exchange Commission filing, consists of Rader; George Whitesides and Robert Langer, the company's founders; Carmichael Roberts and James Goldstein, general partners at North Bridge; Guido Neels, managing director at Essex Woodlands Health Ventures as an outside director; Terrance McGuire, managing general partner at Polaris; and Dennis Dougherty, general partner at Intersouth.

According to VentureWire archives, Arsenal last raised $13.2 million in Series B funding in early 2008.