Delphi Ventures and Frazier Healthcare Ventures are selling the minority stake they own in medical-device incubator company Synecor LLC to venture capital firms Ascent Biomedical Ventures and Synergy Life Science Partners, according to VentrueWire (sub required). The transaction has not been finalized yet.
Delphi and Frazier have invested several million dollars in Synecor, based in Portola Valley, Calif. In 2000, they led a $14 million Series A round, which also included General Electric Medical Systems, Guidant Corp. and Deutsche Bank Alex Brown. The firms also participated in a $5 million Series B round in 2005. Synergy Life Science Partners, one of the firms buying Delphi and Frazier’s stake, was formed earlier this year by Synecor co-founders Richard Stack and William Starling, and former Johnson & Johnson Development vice president John Onopchenko.