Healthcare Industry News: Johnson & Johnson
News Release - July 29, 2013
ReVision Optics Closes $55 Million FinancingCompletes Patient Enrollment in U.S. Trial with the Raindrop Near Vision Inlay
LAKE FOREST, Calif.--(Healthcare Sales & Marketing Network)--ReVision Optics®, Inc. (RVO), the leader in implantable corneal inlay technology to treat presbyopia, announces that it has raised $55 million in an equity financing that includes past investors Canaan Partners, ProQuest Investments, InterWest Partners and Domain Associates, and new investors Johnson & Johnson Development Corporation (JJDC) and RusnanoMedInvest (RMI).
“We are clearly delighted to complete this strategic financing with such highly regarded healthcare venture investors,” said John T. Kilcoyne, RVO President and Chief Executive Officer. “Participation by all of our existing investors, Canaan, ProQuest, InterWest and Domain, combined with the capital from new investors JJDC and RMI, provides our company with the necessary financial resources to carry us through the FDA PMA process for the Raindrop™ Near Vision Inlay and to expand our current commercial footprint outside the U.S.,” he added.
“In addition to our significant financing milestone, I am also extremely proud to announce that we recently completed patient enrollment in our U.S. Investigational Device Exemption (IDE) clinical trial designed to evaluate the safety and effectiveness of the Raindrop in improving near vision in patients with presbyopia,” he added.
“As part of the financing, we entered into a commercial supply and distribution agreement with NovaMedica, a partnership formed by Domain Associates and Rusnano, which is wholly owned by the Government of the Russian Federation, to commercialize the Raindrop in Russia and the Commonwealth of Independent States. This agreement supports our mission to bring the Raindrop, with its strong visual acuities, high patient satisfaction and WOW factor, to the millions and millions of people around the world who are seeking to reduce their reliance on reading glasses,” said Mr. Kilcoyne.
About the Raindrop Near Vision Inlay
The Raindrop Near Vision Inlay is a microscopic hydrogel inlay that is designed to correct presbyopia, thus reducing or even eliminating the need for reading glasses. The Raindrop Near Vision Inlay is placed just beneath the surface of the non-dominant eye during a 5-minute procedure. It is comprised of approximately 80% water and therefore has a refractive index very similar to the cornea. The inlay gently produces a smooth variation in focal power across the pupil by microscopically altering the surface shape of the cornea. It is as transparent as natural tears, and therefore does not restrict the amount of light reaching the retina. The gentle reshaping of the anterior curvature of the cornea provides for a natural restoration of near and intermediate vision.
Presbyopia is considered to be a natural part of the aging process and is believed to be caused by the gradual loss of elasticity of the eye’s lens, which decreases the ability to focus up close. The first symptoms usually occur between the ages of 40 and 50.
About ReVision Optics
ReVision Optics, Inc. focuses on the development and commercialization of innovative optical solutions dedicated to presbyopic vision correction. RVO’s Raindrop Near Vision Inlay offers a unique, patented refractive surgery solution. The inlay is designed to improve near vision that has been lost by the eye’s natural aging process called presbyopia. The Raindrop inlay provides an ideally suited surgical option for near and intermediate vision enhancement.
CAUTION: Investigational device. Limited by U.S. (Federal) law to investigational use.
Source: ReVision Optics
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