VisionCare Ophthalmic Technologies, Inc., a developer of advanced visual prosthetic devices designed to improve vision in patients with end-stage age-related macular degeneration (AMD), announced today it has closed a Series E financing totaling $31 million. The round was led by Saints Capital. New investors are Giza Ventures, General iFinancial Holdings, and BSI SA, and current investors include Pitango Venture Capital, Three Arch Partners, ONSET Ventures, and Newbury Acquisitions Fund/Infinity CSVC Management. As part of this closing, Elka Nir, Managing Director and head of the Life Sciences sector at Giza, will join VisionCare's board of directors.
VisionCare intends to use the new capital to launch its telescope prosthesis for end-stage AMD, the leading cause of blindness in older Americans. The Company will further develop its sales and marketing capabilities to begin commercializing the telescope prostheses in the United States, followed by other markets. VisionCare will continue to fund its research and development of new visual prosthetic devices for severe retinal disorders.
"The combination of an aging population and lack of effective end-stage AMD treatment options make VisionCare's telescope implant a vital addition to this high-value and high-growth segment of the ophthalmic space," said Zack Scott, M.D., Vice President at Saints Capital. "We have been impressed by VisionCare's abilities during the clinical development phase, and look forward to their progress as they bring this potentially life-changing treatment to market."
"We appreciate the commitments and support from our new and existing investors, which will help us play a growing role as a provider of novel treatments for sight-stealing diseases," said Allen W. Hill, CEO of VisionCare. "This financing round allows us to launch our CentraSight treatment program as we execute our commercialization plans for the telescope implant."
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