Healthcare Industry News: Age-related Macular Degeneration
News Release - July 8, 2020
LumiThera Closes Series C Round of FinancingSEATTLE, July 8, 2020 -- (Healthcare Sales & Marketing Network) -- LumiThera Inc., a commercial stage private medical device company, creating a multi-wavelength photobiomodulation (PBM) treatment for ocular disorders and diseases, today announced it has completed its Series C financing. The company raised approximately $14M to support further commercialization of its Valeda Light Delivery System for the treatment for dry Age-related Macular Degeneration (AMD), to complete its LIGHTSITE III U.S. clinical trial enrollment, and to pursue regulatory clearance of Valeda in the USA.
"We are very pleased with the investor interest in the company and have now completed the Series C round," stated Clark Tedford, Ph.D., President and CEO. "Our soft launch in Europe in the last year has demonstrated excitement for Valeda as the first approved treatment for dry AMD using Photobiomodulation."
WaterStar Capital, an Atlanta-based institutional group, was the lead investor. Seattle-based Imagine Ventures, a participant in the company's Series B round further co-invested in the Series C round. Keiretsu Capital, Water Star Mercury Fund, Nikon Corporation and Celeste Management, a family-office, were also participants in the Series C round.
"LumiThera continues to demonstrate clinical benefits with a novel PBM treatment for debilitating eye diseases," stated Daniel Bertholet, a member of LumiThera's Board of Directors. "We are very pleased with the responses by both patients and doctors in Europe over the last year."
The company is currently completing enrollment in two prospective, randomized, double masked, clinical trials; the LIGHTSITE II study in Europe and LIGHTSITE III study in the U.S., using the Valeda Light Delivery System. Additional trials are in the planning stage for Diabetic Macular Edema (DME) and AMD patients.
"We see the expansion of the PBM platform into other ocular areas such as Diabetic Retinopathy and Diabetic Macular Edema (DME) as part of the next phase in the global commercialization of the PBM technology platform for ocular damage and disease," stated Yigang Yang, a LumiThera director and founding partner of WaterStar Capital.
Visit the Company's website at www.lumithera.com.
About LumiThera Inc.
LumiThera is a commercial-stage medical device company focused on treating people affected by ocular disorders and diseases including dry AMD, a leading cause of blindness in adults over 65 and Diabetic Retinopathy, the leading cause of blindness in the world. The company is a leader in the use of PBM for treatment of acute and chronic ocular diseases and disorders. The company is developing the office-based Valeda Light Delivery System to be used by eye care specialists for medical treatment.
The Valeda Light Delivery System has been granted authorization to use the CE Mark by an EU Notified Body as required for commercial use in the European Economic Area only. Valeda is not approved for use by the Food & Drug Administration (FDA) in the USA.
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