NEW YORK, Feb. 24, 2021 /PRNewswire/ -- DLA Piper
represented Truvian Sciences in its recent oversubscribed
US$105 million Series C financing.
The round was led by TYH Ventures, Glen
Tullman of 7wireVentures and Wittington Ventures and was
joined by General Catalyst, GreatPoint Ventures, DNS Capital and
Wasson Enterprise.
A healthcare company at the intersection of diagnostics and
consumer technology, Truvian has developed an automated benchtop
system that aims to produce lab-accurate results for a full suite
of health tests using a small sample of blood. Powered by patented
technologies and intelligent integration, Truvian's system delivers
a convenient and affordable alternative to off-site labs, providing
immediate insights to inform healthcare decisions.
The funds will advance development of Truvian's automated
benchtop blood testing system, paving the way to submit the device
for US Food and Drug Administration (FDA) clearance and enabling
the company to scale its team in preparation for broad
commercialization.
"We are thrilled for the Truvian team and investors, and
congratulate them on this significant milestone funding round,
which will enable the company to accelerate its efforts to make
regular blood testing more accessible to the population and provide
consumers with valuable, personal and more immediate medical
insights," said Randy Socol, the DLA
Piper partner who led the firm's deal team. "This is a strong and
innovative leadership team with deep healthcare experience, and
Truvian is well positioned to bring its testing system to market to
assist in the delivery of healthcare to patients, and we look
forward to our continued partnership and helping the company
achieve its goals."
"DLA Piper has been a strong partner to Truvian over the last
three years during a period of rapid growth, the development of our
intellectual property portfolio and now our second successful
financing round together," said Jeff
Hawkins, president and chief executive officer of Truvian.
"DLA Piper's experience and guidance was critical to successfully
navigating the process with multiple lead investors in an
oversubscribed round."
In addition to Socol (San
Diego), the DLA Piper team representing Truvian included
associate Anthony Taranto
(San Diego) and of counsel
Nicholas Klein (Washington, DC).
DLA Piper's Emerging Growth and Venture Capital practice
includes more than 200 lawyers in the US who provide strategic
counsel to emerging companies in high-growth industries, including
healthcare, insurance, biotech, manufacturing, communications,
software and semiconductors. Over the last three years, DLA Piper
has completed more than 2,100 financings totaling over US$31 billion.
DLA Piper's global Healthcare sector consists of a
multidisciplinary legal team with niche experience in
health-related business and legal issues. The team regularly works
with corporations and financial institutions, private investors,
private equity groups, venture capital funds, institutional
investors and portfolio companies in all types of healthcare
transactions.
About DLA Piper
DLA Piper is a global law firm with lawyers located in more than
40 countries throughout the Americas, Europe, the Middle
East, Africa and
Asia Pacific, positioning us to
help clients with their legal needs around the world. In certain
jurisdictions, this information may be considered attorney
advertising. dlapiper.com
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SOURCE DLA Piper