IRVINE, Calif.--(BUSINESS WIRE)--Ivantis, developer of the novel Hydrus™ Microstent device designed to lower eye pressure for glaucoma patients, announced today that it secured an additional $5 MM in the second close of its Series B financing. This second close was led by EDBI of Singapore. In January, Ivantis announced the close of $27 MM (led by new investor Ascension Health Ventures), and this additional $5 MM takes the total Series B to $32.5 MM. The funds will support the company’s three multinational randomized clinical trials, including the U.S. pivotal trial, as well as establishing activity in Asia Pacific.
“Ivantis will strengthen Singapore’s position as a global leader in ophthalmology research and clinical services. The company will build product development and clinical capabilities in the emerging field of minimally invasive glaucoma surgery,” said Ms. Swee-Yeok Chu, CEO & President, EDBI. “We look forward to supporting Ivantis’ expansion in Asia, and assisting the team with market access and localization of the Hydrus Microstent to realize the potential of this fast growing market.”
In related developments, Ivantis announced that it has received approval to market the Hydrus device in Australia.
“This influx of capital from Asia represents the next step in our global strategy,” said Dave Van Meter, President and CEO of Ivantis. “It is estimated that nearly 20 million people will have open angle glaucoma in Asia by 2020. If one considers Asia Pacific more broadly, and includes India, the number approximates 30 million. EDBI is a proven ophthalmic devices investor, and we look forward to collaborating on our research with the prestigious Singapore National Eye Center as a result of this investment. We are pleased and grateful to have EDBI joining the Ivantis investor syndicate, and we are confident they will be an invaluable partner as our Asia Pacific strategy is crafted and executed over the coming years.”
The Hydrus Microstent, roughly the size of an eyelash, is placed through a minimally invasive, microsurgical procedure and is designed to reduce eye pressure by reestablishing the patient’s natural outflow pathway. Most often, glaucoma patients have both a blockage and a collapse of the natural outflow pathway. The Hydrus device relies on a two-fold mechanism of action, both creating a large opening through the traditional source of flow blockage, known as the “trabecular meshwork,” and then dilating and scaffolding the conventional pathway through which fluid exits the eye (known as Schlemm’s canal). While the U.S. approval trial is evaluating Hydrus in glaucoma patients who are undergoing cataract surgery, the device is being used both in cataract surgery and in standalone glaucoma surgery internationally.
Ivantis, Inc. is a privately held company established in 2007 to design, develop and commercialize new technologies to treat eye disease. Investors include New Enterprise Associates, Delphi Ventures, Ascension Health Ventures, and MemorialCare Innovation Fund.
EDBI is a leading strategic investment firm headquartered in Singapore with a worldwide presence investing to drive growth opportunities within the knowledge and innovation-intensive sectors of Biomedical Sciences, Internet & Digital Media, Clean Technologies, as well as key industries in Singapore. As a value adding investor, EDBI creates sustainable and synergistic partnerships with its portfolio companies, leveraging on its extensive networks and experience to facilitate the companies’ growth in Asia and the world, through their operations in Singapore. http://www.edbi.com