Healthcare Industry News: Hydrogel
News Release - April 30, 2007
ReVision Optics, Inc. Raises $25M in Series D Financing
Domain Associates Leads Round; Will Join Board of DirectorsLAKE FOREST, Calif.--(HSMN NewsFeed)--ReVision Optics, Inc., a leading company in the development, manufacturing and marketing of implantable products to correct and maintain vision, today announced that it has successfully raised $25 million in a Series D financing led by Domain Associates, with additional investments from existing investors Canaan Partners and InterWest Partners. Brian H. Dovey, partner at Domain Associates, will join the board of directors. ReVision Optics, Inc. targets the refractive surgery market with an emphasis on the surgical correction of presbyopia.
"With this financing, we have achieved another important milestone in establishing the leadership and innovation of ReVision Optics," said J. Randy Alexander, President and Chief Executive Officer of ReVision Optics, Inc. "We are particularly pleased that Domain Associates led this round and has joined our existing investors in supporting the rapid advancement of ReVision Optics' product development. We welcome Brian Dovey to the board of directors and look forward to his invaluable support."
Presbyopia is a common vision problem in the United States, currently affecting more than 73 million people. The PRESBYLENS(TM) by ReVision Optics gently reshapes the cornea to correct a patient's near vision. This lens is made from a proprietary optically clear, bio-compatible material that mimics the properties of the cornea, and is removable. In recent clinical trials, the PRESBYLENS(TM), appears to provide positive patient outcomes.
"We believe that ReVision's PRESBYLENS(TM) technology is an important development in the fast-growing ophthalmology space and one of the few focused on treating the loss of near vision in a minimally invasive fashion. We, along with Canaan and InterWest, look forward to helping ReVision's management team develop this exciting technology and build this company," said Brian Dovey, Partner, Domain Associates and member of the ReVision Optics board of directors.
ReVision Optics is presently conducting clinical trials off shore for the PRESBYLENS(TM). The company will be introducing an IDE in the third quarter of 2007.
"As the baby-boom generation lives longer, more active lives, advances to correct eyesight are required. ReVision Optics is addressing this growing medical problem with innovative products that bring together leading-edge material science with surgical procedures," said Wende Hutton, Venture Partner, Canaan Partners and member of the ReVision Optics board of directors. "We are excited that Domain Associates shares our enthusiasm for ReVision Optics' important work and has led this round of financing."
"The PRESBYLENS(TM) from ReVision Optics has the potential to be the correction of choice for the near vision problems encountered by everyone over age 45," said Gil Kliman M.D., General Partner, InterWest Partners and Chairman of the ReVision Optics board of directors. "The high quality customized optics enable immediate clear vision at distance and near for patients of all ages, with major advantages over bifocals, contact lenses, and experimental surgical approaches. With the addition of Domain Associates to our investor group we now have the resources in place to bring this innovative product to market."
About Canaan Partners Healthcare Investments
Canaan Partners is a global venture capital firm specializing in early-stage life sciences and information technology companies. Founded in 1987, Canaan has $2.4 billion capital under management and has invested in more than 240 companies, completed 63 mergers and acquisitions, and brought over 50 companies public. The firm's healthcare team is committed to catalyzing the development of biotechnology, medical device, diagnostic and therapeutics companies that are revolutionizing the practice of medicine. Among its recent successes are Dexcom Inc., the largest diagnostic IPO of 2006, and Cerexa Inc., the largest private biotech merger and acquisition in history. Other recent Canaan healthcare investments include Chimerix, Coapt, CoAxia and Northstar Neuroscience (NSTR). Canaan is headquartered in Menlo Park, California and also has offices in Connecticut, India and Israel. For more information visit: www.canaan.com.
About Domain Associates
Founded in 1985, Domain Associates, L.L.C. is a venture capital firm with an exclusive focus on life sciences. With $2.1 billion of capital under management, Domain is headquartered in Princeton, NJ with a second office in San Diego, CA. Domain's three major investment segments are pharmaceuticals, specialty pharmaceuticals, and medical devices, while additional areas of interest include biomaterials, bioinstrumentation, and diagnostics. The partners of Domain have a total of close to 200 years of experience among them in the healthcare/venture capital industries and have been involved in the formation and growth of more than 190 life-sciences companies. For more information on Domain Associates visit: www.domainvc.com.
About InterWest Partners
InterWest Partners (www.interwest.com), founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. Currently investing its ninth fund (IW IX), a $600 million fund, InterWest has raised more than $2 billion of capital since inception. InterWest has fifteen investing partners in Menlo Park, CA, and Dallas, TX, who bring together deep domain knowledge in life sciences and information technology. The firm's investments in life sciences include: Aspreva Pharmaceuticals Corporation (ASPV), Corixa (CRXA; acquired by GlaxoSmithKline, GSK), Epicor Medical (acquired by Saint Jude Medical, STJ), Inspire Pharmaceuticals (ISPH), IntraLase (ILSE; acquired by Advanced Medical Optics, EYE), Myogen (MYOG; acquired by Gilead, GILD), Spinal Dynamics (acquired by Medtronic, MDT) and TheraSense (THER; acquired by Abbott Labs, ABT).
About ReVision Optics, Inc.
ReVision Optics, Inc. develops, manufactures and markets implantable products that correct and maintain vision. Its lenses are made from proprietary micro-porous Hydrogel material. The company is a privately held corporation located in Lake Forest, California. For more information on ReVision Optics, Inc., please visit www.revisionoptics.com.
Source: ReVision Optics
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