LensGen Closes $21 Million Series A Financing to Advance Modular, Fluid-Optic Accommodating IOL
Tuesday, May 02, 2017 | Earnings & Financials
LensGen, a private company developing Juvene, the first modular, fluid-optic accommodating intraocular lens, has closed a $21 million Series A financing. The financing was led by the corporate venture investment arm of HOYA Group and included participation from Relativity Healthcare Partners. The financing includes an option to expand the financing commitment by an additional $5 million.
"We are pleased to attract an experienced ophthalmology and corporate strategic investor like HOYA to accelerate our efforts to further develop and bring to market this innovative and elegant lens solution for treating presbyopia," Ramgopal Rao, CEO and Founder of LensGen, said in the news release.
The Juvene accommodating IOL is designed with the potential to permanently restore clear and continuous vision at all distances for patients with cataracts and presbyopia. The lens provides accommodation by mimicking the eye's natural accommodation process to change shape and adjust focus, like the autofocus of a camera. The lens is implanted using current surgical techniques used for traditional IOLs.
"As one of the leading global intraocular lens companies, HOYA is very pleased to be working alongside companies like LensGen in advancing potentially meaningful innovations for the ophthalmic community and their patients," said Augustine Yee, HOYA Group Chief Legal Officer and Head of Corporate Development.
"I believe Juvene has great potential to solve presbyopia and improve the lives of patients. From the early days of LensGen, I was enthusiastic about a curvature changing, biomimetic lens design, and I am excited with the progress that LensGen has achieved," Roger F. Steinert, MD, Professor and Chair of Ophthalmology, Director, Gavin Hebert Eye Institute, University of California, Irvine, said in the news release.
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