Healthcare Industry News: Glaucoma
News Release - April 21, 2009
L Capital Invests $2 Million in iScience InterventionalBreakthrough Treatment for Glaucoma
NEW YORK--(HSMN NewsFeed)--L Capital Partners, L.P., a venture capital firm in New York City, is investing $2 million in a $20 million Series F round of financing for iScience Interventional. The round is being led by Affinity Venture Group; other investors include Johnson & Johnson Development Corporation, Clarian Health Ventures and existing investors. Ting Pau Oei, L Capital partner, will join the iScience Board of Directors.
iScience Interventional has developed a revolutionary new microcatheter that allows, for the first time, site-specific treatments for Glaucoma, a disease that affects 8.6 million people every year. The device has been cleared by the FDA and is used in a procedure called canaloplasty that stops the progression of the disease which can cause loss of sight.
iScience Interventional is a medical device company dedicated to developing the smallest microcatheters in medicine and novel microcatheter-based procedures for the eye. iScience has developed a microcatheter that is so thin it can access small, sensitive spaces within the eye. Its size is essentially equal to putting together 4 or 5 strands of hair. Glaucoma specialists & ophthalmologists are excited because this device allows them, for the first time, to navigate the anatomical structure of the eye without causing tissue damage.
Canaloplasty is a proprietary procedure and is the first and only microcatheter-based method to treat Glaucoma. It is like angioplasty for the eye. The microcatheter’s illuminated beacon tip provides the doctor with exceptional visibility and trackability. Canaloplasty restores the natural drainage of the eye resulting in a significant reduction in intraocular pressure, thus preventing the disease from progressing.
Until now, traditional Glaucoma treatments relied primarily on pharmaceutical regimens and/or more invasive surgical procedures. Canaloplasty reduces the dependence on medication in Glaucoma patients.
Ting Pau Oei is a partner at L Capital Partners and leads the investments in the health care sector. Mr. Oei said: “The field of ophthalmology has been of great interest to L Capital for several years. iScience represents an opportunity to invest in a company with a unique technology targeting an underserved population: people suffering from Glaucoma. iScience provides ophthalmologists and patients with a novel treatment. L Capital sees this as a terrific growth opportunity that fits in with our investment strategy of helping to bring breakthrough technologies to market.”
Mike Nash is a co-founder of iScience and President and CEO. Nash said: “ I am very excited to have Ting Pau Oei’s involvement on the Board because he understands how the scientific, clinical and strategic opportunities work together. The additional funding will enable iScience to build upon its unique position in the marketplace, continue commercial activities for Glaucoma and develop further applications for treatments in the eye.”
About iScience Interventional
iScience Interventional is committed to creating breakthrough technologies for sight-threatening diseases. iScience not only researches and develops new approaches for addressing eye diseases, but also facilitates access through training and comprehensive support materials to help opthamologists successfully utilize these innovative techniques. The company is based in Menlo Park, California. For more information, visit www.iscienceinterventional.com.
About L Capital Partners
L Capital Partners invests in development and later-stage companies in the healthcare, technology and energy & environment sectors. To help their portfolio companies realize the promise of transformational change, L Capital Partners is a committed multi-round investor that supports each company with a team of partners, principals and associates who have deep industry and financial expertise. In the healthcare sector, the firm targets companies in the areas of biopharmaceuticals and medical devices. Established in 2004, L Capital Partners has offices in New York and Tel Aviv. For more information, visit www.lcapitalpartners.com.
Source: L Capital Partners
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