Healthcare Industry News: retinitis pigmentosa
News Release - May 26, 2009
Ophthonix Completes Series AA Financing at $25.9 MillionFunding supports the continued U.S. roll-out of the Z-View® Aberrometer and wavefront guided iZon® High Resolution Lenses
VISTA, Calif., May 26 -- (Healthcare Sales & Marketing Network) -- Ophthonix, a company that has developed advanced vision-correction products that provide consumers with superior optical clarity and crispness of vision, just announced that it has closed its $25.9 million "Series AA" financing. In addition to a significant investment by a new private investor, each of the company's current top-tier investors participated in the "Series AA" funding: Kleiner Perkins Caufield & Byers, Enterprise Partners, DAG Ventures, Gund Investment Corporation, InterWest Partners, Trex Enterprises and Wasatch Advisors' Cross Creek Capital Fund. The "Series AA" financing enables Ophthonix to continue the roll-out of the Z-View® Aberrometer and iZon® High-Resolution Lens throughout the U.S.
"We are very excited by our success in securing the support of a new private investor and the ongoing commitment of our world-class investment partners. The large investment by the new investor validates our business proposition and the company's valuation," said Stephen Osbaldeston, Ophthonix CEO. "First quarter 2009 sales growth in excess of 30 percent and our continued increase in prescribing optometrists underscores the significance of our technology. With this investment round we are well-positioned to continue to build distribution of our high-definition vision iZon Lenses among leading optometrists, while capitalizing on our recent strides in improving manufacturing margins and reducing operating expenses," Osbaldeston continued.
The iZon Lens design is based on a patient's optical fingerprint, or iPrint(TM) as measured by the company's Z-View Aberrometer. As a result, the iZon Lens can address the symptoms associated with the unique imperfections, or aberrations, of the eye that can cause sub-optimized visual clarity if not corrected.
"Patients tell us that the iZon Lens gives them a quality of vision that they have never before experienced -- sharpness of images, richer colors, better depth perception, reduced glare and enhanced night vision," noted Osbaldeston. "Recent clinical studies conducted by the University of Illinois at Chicago have validated that the iZon ML(TM) Lens delivered significant advantages across a range of visually challenging conditions, including glare, low contrast, reading signs at a distance and low light."
One of Ophthonix's earliest investors mirrored the enthusiasm of Osbaldeston. "From our initial introduction to the company's proposed optical system, we saw the breakthrough potential of a disruptive technology that could detect, measure and correct the visual symptoms that have limited the quality of vision experienced by the hundreds of millions of people around the world who suffer from high order aberrations," said Drew Senyei, M.D., and managing director of Enterprise Partners. "Our firm has been very excited to see such significant growth in distribution and lens sales, even in these challenging economic times."
One of the practitioners using the company's products, Dr. Mario Gutierrez of San Antonio, Texas, noted, "We have the Z-View Aberrometer in our practice, Alamo Heights Vision Source. Our practice fits the iZon Lenses on more than 25 patients per month, and they are benefiting from the crisp, clear vision these lenses provide. My patients love the iZon Lenses and so does my banker."
Ophthonix, Inc., a San Diego-based vision correction company, is changing forever the way people see the world. Customized iZon® High Resolution Lenses allow wearers to see the world in high definition--clearer, sharper and more vividly than ever before. The proprietary and patented process is the first-ever vision correction technology that addresses the problems associated with the unique variations in each person's eyes, allowing for customized eyeglass lenses. For more information, visit www.izonlens.com or contact firstname.lastname@example.org, (760) 842-5600.
About Enterprise Partners
Enterprise Partners is a venture capital firm investing in privately held early stage and emerging companies with particular strengths in information technology, communications, life sciences and selected consumer products and services. One of the top-performing venture capital firms in the United States with over a $1 billion of capital under active management, Enterprise Partners is headquartered in La Jolla, CA, phone (858) 731-0300, website: www.epvc.com.
About DAG Ventures
Doug Ackerman & Goodrich (DAG) Ventures is a leading diversified capital firm with a portfolio of companies in life sciences, information technologies and energy technologies, including Plaxo, Blue Lane, Matrix Memory and Podshow. DAG Ventures is located at 251 Lytton Ave., Ste. 200, Palo Alto, CA 94301, phone: (415) 788-2755, website: www.dagventures.com.
About Kleiner Perkins Caufield & Byers
Kleiner Perkins Caufield & Byers is a leading venture capital partnership headquartered in Menlo Park, CA. The firm has backed many industry-leading companies including AOL, Google, Compaq, Genentech, Hybritech, and Netscape. Kleiner Perkins Caufield & Byers is located at 2750 Sand Hill Road, Menlo Park, CA 94025, phone: (650)233.2750, website: www.kpcb.com.
About Gund Investment Corporation
Gund Investment Corporation is the private investment firm of Gordon Gund. The firm invests in privately held companies as well as public securities and real estate. A prominent philanthropist, Mr. Gund is co-founder of The Foundation Fighting Blindness, a non for profit organization driving research to find causes, treatments and cures for retinitis pigmentosa, macular degeneration, Usher Syndrome, and other retinal degenerative diseases. Gund Investment Corporation is located at 14 Nassau Street, Princeton, NJ 08542, phone (609) 921-3633.
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. With more than $2 billion of capital raised, including its new investment fund of $600 million, InterWest has 11 experienced partners in Menlo Park, CA and Dallas, TX, who bring together deep domain knowledge in life sciences and information technology.
About Trex Enterprises
Established in 1978, Trex Enterprises is a privately owned, high-tech company specializing in government and commercial R&D in the field of applied physics, as well as supporting the launch of new ventures. Among its other ventures are Cross-Fiber, Inc., Lorea Corporation and e-Phocus, Inc. Trex Enterprises is located at 10455 Pacific Center Court, San Diego, CA 92121, phone: (858) 646-5300, website: www.trexenterprises.com.
About Wasatch Advisors
Wasatch Advisors, investment adviser to institutional clients and a family of mutual funds, has specialized in small cap growth investing since 1975. Wasatch Advisors is located at 150 Social Hall Avenue, 4th Floor, Salt Lake City, UT 84111, phone (801) 533-0777, website: www.wasatchadvisors.com.
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