Medical Device Startup TransCorp Raises $700k+, Seeks $4M

5/16/11Follow @xconomy

TransCorp has raised $755,958 from the sale of equity, according to SEC documents.

Overall, the medical device startup, based in Byron Center,MI, is seeking $4 million, the documents say.

EDF Ventures in Ann Arbor, MI, Grand Angels in Holland, MI, and Hopen Life Science Ventures in Grand Rapids, MI, are backing the company.

Founded by an orthopedic surgeon, TransCorp makes devices that help treat the compression of the cervical spine. The company has already received approval from the Food and Drug Administration for its Anterior Cervical Fusion Plate System and PEEK Cervical Interbody Fusion implants.

TransCorp’s technology will allow doctors to treat patients outside of the hospital and enable faster recovery times, says Jody Vanderwel, president of Grand Angels.

VanderWel said the angels, who recently reupped their initial investment, also liked the management team, including founder/surgeon Desmond O’Farrell and chairman Mike DeVries, a former Medtronic executive who now serves as managing director of EDF Ventures.

TransCorp is also one of seven Michigan-based startups so far whose investors will receive some of the $9 million the state set aside for angel investment tax credits this year.

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