LumiThera Closes New Round of Financing to Support Dry AMD Treatment Device
Tuesday, October 31, 2017 | Earnings & Financials
LumiThera, a clinical stage private medical device company creating a non-invasive photobiomodulation (PBM) treatment for ocular disorders and diseases, announced it has completed the Series B round of financing. The company raised $5.5M to support further development of its LT-300 device for the treatment for dry age-related macular degeneration (AMD). The proceeds of the financing are being used to support obtaining regulatory clearances of its device in select countries outside the US, including the CE Mark in Europe and to fund additional clinical and commercial activities.
"We are pleased with the investor interest in the company and have oversubscribed the Series B round," Clark Tedford, PhD, President and CEO, said in a company news release. "This is an exciting time for the company and the infusion of new capital will allow us to execute on our multicenter clinical trials and initial OUS commercialization activities."
"LumiThera has made significant strides in developing a novel treatment for a debilitating eye disease," Arthur Taylor, LumiThera, Board of Directors, said in the news release. "Patients currently have limited options and vision loss is a growing global unmet medical need and the focus of our PBM platform technology."
LumiThera offered up to $5 million of preferred shares in the Series B round. WaterStone Capital, a China-and Seattle-based group was the lead investor and Seattle-based RPR Venture co-invested in the B round. WaterStone Capital's founding partner, Yigang Yang will be joining the LumiThera Board of Directors. "WaterStone is very excited to be part of the LumiThera team and looks forward to helping in the global commercialization of the PBM technology for ocular disease," stated Yigang Yang.
The company is currently conducting a prospective, randomized, double masked, clinical trial in 30 dry AMD subjects called the LIGHTSITE I study with the LumiThera LT-300 light delivery system.
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