Tibion Corporation a Success Story

Tibion Corporation, a Silicon Valley developer of active orthotic devices based on bionic technologies, announced Sept. 14 the initial closing of its $3.5 Million Series A financing.Tibion, based at NASA Research Park since 2003, said it will use the money to accelerate development of its bionic devices, particularly its "PowerKnee."

Tibion develops bionic devices for those with loss of muscle function due to disease, injury, aging, or surgery. Tibion's products provide exo-skeleton assistance, resistance, and rehabilitation of muscle function via a combination of patented, sensor-driven, actuator technologies, and advances in embedded computer systems and orthotic science.

Oakland-based Claremont Creek Ventures led the financing round with participation from Los Gatos-based Saratoga Ventures. In connection with the funding, John Steuart and Ted Driscoll from Claremont Creek Ventures will serve on the company's board.

Medical device luminary Thomas J. Fogarty, M.D., joined Tibion founders Robert Horst, PhD and Kern Bhugra, and Steuart and Driscoll on the Tibion Board of Directors. "Tom has an amazing record of medical device innovation and entrepreneurial accomplishments," said Tibion CEO Kern Bhugra, "His insights will be enormously valuable to Tibion as we progress in the development and delivery of bionic medical devices."

"Without imagination, innovation is not possible," said Dr. Fogarty. "Tibion's innovative technologies and products are geared to improve the quality of life for the mobility-impaired. I look forward to collaborating with Tibion to realize these imaginative products."

Dr. Thomas J. Fogarty is an internationally recognized cardiovascular surgeon, inventor, entrepreneur, and vintner involved with a wide spectrum of innovations in business and technology. The founder/co-founder of over 33 companies, Fogarty has acquired over 100 surgical patents, including the "industry standard" Fogarty balloon embolectomy catheter. He has received, most significantly, the Jacobson Innovation Award of the American College of Surgeons and the 2000 Lemelson-MIT prize for Invention and Innovation. Fogarty was inducted into the Inventors Hall of Fame in December 2001.

Tibion has won awards for its work in bionic medical device development from the American Society on Aging and the National Council on Aging, and is broadly recognized as leading the development of bionic technologies and products for those with impaired mobility. Tibion founders Robert Horst and Kern Bhugra have made several recent presentations including those at IEEE in NY, NY and the Dow Jones VentureWire Health Care Innovations Conference in Redwood City, CA.

For more information contact:
Kern Bhugra, 650-694-7384, 408-398-7214 info@tibion.com
www.tibion.com

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