Print 10 November 2016
Financing led by Johnson & Johnson Innovation – JJDC, Inc. (JJDC) with participation by current venture investors
LAKE FOREST, Calif.--(BUSINESS WIRE)--ReVision Optics, Inc., a leader in implantable presbyopia-correcting corneal inlay technology, announces that it has raised $32 million in an equity financing that was led by JJDC, with pro rata participation or better by current investors Canaan Partners, Domain Associates, InterWest Partners and ProQuest Investments.
The proceeds of this financing will support expansion of commercialization in the U.S. of the company’s Raindrop® Near Vision Inlay for the surgical correction of presbyopia. The first commercial cases with Raindrop were performed on August 30, 2016, following approval by the U.S. Food and Drug Administration on June 29, 2016.
“ReVision Optics is clearly fortunate to have a supportive base of highly regarded venture investors, and we appreciate their significant support in this most recent financing,” said John Kilcoyne, ReVision Optics’ President and Chief Executive Officer. “We are now well-capitalized to continue our controlled launch of Raindrop, paying particular attention to ensuring excellent outcomes for both our ophthalmic surgeons and their Raindrop patients. Building a foundation of great outcomes and positive experiences will continue our momentum as we expand Raindrop’s footprint nationally.”
Since the first commercial procedures with Raindrop in the U.S. were performed, more than 100 surgeons have scheduled cases. With the proceeds of this financing the company intends to continue to expand its commercial field organization. The financing will also support the continued development of a comprehensive marketing campaign and a robust medical affairs team. The initial launch featured a focus on sites that participated in the U.S. IDE clinical trial, while the expanded sales and marketing initiatives will result in contact with more ophthalmologists and the training of more surgeons on the Raindrop procedure.
“The Raindrop Near Vision Inlay provides the ‘WOW’ factor to patients with an improvement in near vision, without impairing binocular distance vision. Indeed, most patients are able to go back to their regular routine shortly after the procedure,” added Mr. Kilcoyne. “We have in place a comprehensive, thoughtful plan for the continued commercial rollout of Raindrop. At the core of our activities are the many powerful benefits our product affords patients who desire a long-term solution for improved near vision.”
About the Raindrop Near Vision Inlay
The Raindrop Near Vision Inlay is placed in the cornea of the non-dominant eye during a 10-minute procedure. The Raindrop is comprised of approximately 80% water and has a refractive index very similar to the cornea. It is transparent and therefore does not restrict the amount of light reaching the retina. The reshaping of the anterior curvature of the cornea improves near vision.
The Raindrop Near Vision Inlay has received approval by the U.S. Food and Drug Administration, authorization to affix the CE Mark for the European Union, license approval by the Ministry of Food and Drug Safety (South Korea), approval by the Therapeutic Goods Administration (Australia) and registration with the Medicines and Medical Safety Authority (New Zealand). Other country-specific registrations are pending.
About ReVision Optics
ReVision Optics, Inc. focuses on the development and commercialization of innovative optical solutions dedicated to presbyopic vision correction. The company’s Raindrop Near Vision Inlay offers a unique, patented refractive surgery solution. The Raindrop improves near vision that has been lost through the eye’s natural aging process called presbyopia. The Raindrop Near Vision Inlay provides an ideally suited surgical option for near-vision enhancement.
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