ReVision Optics Closes $55 Million Financing
Completes Patient Enrollment in U.S. Trial with the Raindrop Near Vision Inlay
LAKE FOREST, Calif. -- July 29, 2013
ReVision Optics®, Inc. (RVO), the leader in implantable corneal inlay
technology to treat presbyopia, announces that it has raised $55 million in an
equity financing that includes past investors Canaan Partners, ProQuest
Investments, InterWest Partners and Domain Associates, and new investors
Johnson & Johnson Development Corporation (JJDC) and RusnanoMedInvest (RMI).
“We are clearly delighted to complete this strategic financing with such
highly regarded healthcare venture investors,” said John T. Kilcoyne, RVO
President and Chief Executive Officer. “Participation by all of our existing
investors, Canaan, ProQuest, InterWest and Domain, combined with the capital
from new investors JJDC and RMI, provides our company with the necessary
financial resources to carry us through the FDA PMA process for the Raindrop™
Near Vision Inlay and to expand our current commercial footprint outside the
U.S.,” he added.
“In addition to our significant financing milestone, I am also extremely proud
to announce that we recently completed patient enrollment in our U.S.
Investigational Device Exemption (IDE) clinical trial designed to evaluate the
safety and effectiveness of the Raindrop in improving near vision in patients
with presbyopia,” he added.
“As part of the financing, we entered into a commercial supply and
distribution agreement with NovaMedica, a partnership formed by Domain
Associates and Rusnano, which is wholly owned by the Government of the Russian
Federation, to commercialize the Raindrop in Russia and the Commonwealth of
Independent States. This agreement supports our mission to bring the Raindrop,
with its strong visual acuities, high patient satisfaction and WOW factor, to
the millions and millions of people around the world who are seeking to reduce
their reliance on reading glasses,” said Mr. Kilcoyne.
About the Raindrop Near Vision Inlay
The Raindrop Near Vision Inlay is a microscopic hydrogel inlay that is
designed to correct presbyopia, thus reducing or even eliminating the need for
reading glasses. The Raindrop Near Vision Inlay is placed just beneath the
surface of the non-dominant eye during a 5-minute procedure. It is comprised
of approximately 80% water and therefore has a refractive index very similar
to the cornea. The inlay gently produces a smooth variation in focal power
across the pupil by microscopically altering the surface shape of the cornea.
It is as transparent as natural tears, and therefore does not restrict the
amount of light reaching the retina. The gentle reshaping of the anterior
curvature of the cornea provides for a natural restoration of near and
Presbyopia is considered to be a natural part of the aging process and is
believed to be caused by the gradual loss of elasticity of the eye’s lens,
which decreases the ability to focus up close. The first symptoms usually
occur between the ages of 40 and 50.
About ReVision Optics
ReVision Optics, Inc. focuses on the development and commercialization of
innovative optical solutions dedicated to presbyopic vision correction. RVO’s
Raindrop Near Vision Inlay offers a unique, patented refractive surgery
solution. The inlay is designed to improve near vision that has been lost by
the eye’s natural aging process called presbyopia. The Raindrop inlay provides
an ideally suited surgical option for near and intermediate vision
CAUTION: Investigational device. Limited by U.S. (Federal) law to
ReVision Optics, Inc.
President & CEO
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