AqueSys secures $35 million in Series C financing round

Jun 30 2010

AqueSys, Inc., a medical device company that develops, manufactures and distributes proprietary implants for glaucoma, today announced that it has secured $35 million in Series C financing. The round was led by Longitude Capital and Rho Ventures, with participation from existing investors Accuitive Medical Ventures, The Carlyle Group and SV Life Sciences.

The AqueSys implant has the promise to halt glaucoma-related vision loss through a broadly adoptable 10-minute procedure. Glaucoma is the world's No. 2 cause of blindness and affects more than 60 million people worldwide.

According to AqueSys, Inc. President and CEO Ron Bache, "AqueSys is very pleased to raise this significant round with this group of premier venture capital and private equity partners. The Series C raise is designed to build upon the promising clinical results our proprietary technology has generated in multiple patient populations. We are well capitalized to achieve our clinical, regulatory and commercial goals."

"As an ophthalmologist who specializes in glaucoma, preserving my patients' vision requires optimal control of eye pressure through early and safe intervention," said Richard A. Lewis, M.D., past president of the American Glaucoma Society. "The AqueSys implant represents a promising new solution for my glaucoma patients."

Juliet Bakker, managing director of Longitude Capital, said, "We look for investments in companies that have breakthrough medical technologies in large markets with unmet needs. The glaucoma pharmaceutical and surgical market is about $4.5 billion.  However, pharmaceutical solutions for glaucoma can be costly, are a challenge for patient compliance and often fail to control progression of the disease and most surgical solutions are invasive and have significant adverse events. We believe the AqueSys procedure offers the possibility of a safe and effective minimally invasive surgical glaucoma treatment that can, in time be offered to patients who need surgery as well as to those who are not able or willing to comply with their pharmaceutical regimen."  

"Glaucoma is an enormous healthcare problem and a leading cause of blindness, and it represents a significant unmet medical need for both patients and ophthalmologists.  The AqueSys technology and procedure have clinically demonstrated the potential to meet that unmet need and should offer tremendous value to all stakeholders in the healthcare system," said Gregory Grunberg, M.D., of Rho Ventures.