Originally Published MX November/December 2004

COVER STORY

The conventional wisdom says that it's nearly impossible to develop a successful self-standing medical device company in today's medical technology marketplace. But having the support of committed and patient investors can help—a lot.

Ryan Drant

For Proxima Therapeutics (Alpharetta, GA), one such group of supporters has been the investment team of New Enterprise Associates (NEA; Reston, VA), a leading venture capital firm with focused interests in the information technology and healthcare sectors. In 1998, NEA led Proxima's third round of financing, which raised $11.8 million. In 1998, NEA led Proxima's third round of financing, which raised $11.8 million. Confidence in the company's leadership had a lot to do with NEA's decision to invest in Proxima. "We had the greatest confidence in CEO Timothy J. Patrick and his ability to build a strong team around himself," says Ryan Drant, a partner in NEA's Baltimore office.