Healthcare Industry News: diabetic macular edema
News Release - April 21, 2009
iScience Interventional, Inc. Closes $20.5 million Series F FinancingMENLO PARK, Calif.--(HSMN NewsFeed)--iScience Interventional, Inc., the developer of a novel microcatheter technology used in the treatment of a wide range of sight threatening diseases, including glaucoma and Age-related Macular Degeneration (AMD), today announced the closing of a Series “F” financing raising $20.5 million. Affinity Capital Management led the round with Johnson & Johnson Development Corp., L Capital Partners, and Clarian Health Ventures participating as first time investors. Existing investors, Prism VentureWorks, Three Arch Ventures, DeNovo Ventures and Asset Management also participated in the financing. Piper Jaffray & Company served as the placement agent for this transaction.
“The treatment paradigms for many significant diseases of the eye such as glaucoma, AMD, and diabetic macular edema are in the midst of a revolutionary change. The need for access to the specific locations within the eye where these diseases occur is paramount to improving patient outcomes. The iTrack™ microcatheter uniquely provides such site-specific access, thus enabling an exciting new generation of medical therapies.” stated Michael F. Nash, President and CEO of iScience Interventional, Inc. “We believe that these sight specific treatments will represent a dramatic step forward in patient care, while providing a valuable benefit to both private healthcare providers and public healthcare systems.”
Glaucoma and retinal diseases represent the two most underserved clinical needs within ophthalmology. The Company has received FDA 510k clearance and CE Mark for the iTrack Canaloplasty Microcatheter™, which is used by glaucoma specialists for lowering intraocular pressure in patients with open angle glaucoma. Additionally, clinical studies are currently in progress in Europe to evaluate microcatheter-based delivery of drugs for the treatment of wet-AMD in patients non-responsive to current intravitreal therapies. The interim results of these studies are expected to be published later this year.
About iScience Interventional, Inc.
iScience Interventional, Inc. is based in Menlo Park, CA, and is the leader in the development of innovative microcatheter platforms that enable specific treatment of ocular disease. The iScience iTrack Canaloplasty Microcatheter™ platform used to treat open-angle glaucoma is commercially available in the United States, Canada and Europe. Clinical evaluation of the iCATH™ platform for the treatment of wet-AMD is currently underway at selected sites in Europe. For more information about the Company, please visit their Web site at www.iscienceinterventional.com
About Affinity Capital Management
Affinity Capital Management is a venture capital firm that invests in innovative and visionary companies and entrepreneurs to create groundbreaking improvements in health care. Based in Minneapolis, Minnesota, a center of ongoing health care innovation, Affinity has managed over $160 million since its inception in 1993. Affinity is currently investing its fifth fund, Affinity Capital V. For more information on Affinity Capital Management, please visit their website at www.affinitycapital.net.
For additional information on investors in iScience Interventional, please visit:
L Capital Partners at www.lcapitalpartners.com
Clarian Health Ventures at www.clarianhealthventures.com
Three Arch Partners at www.threearchpartners.com
Prism VentureWorks at www.prismventure.com
De Novo Ventures at www.denovovc.com
Asset Management Partners at www.assetman.com
Pacific Horizon Ventures at www.pacifichorizon.com
For more information on Piper Jaffray & Company, please visit: www.piperjaffray.com
Source: iScience Interventional
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