LAKE FOREST, Calif. & SAN DIEGO--(BUSINESS WIRE)--ReVision Optics®, Inc. (RVO), a leader in implantable presbyopia-correcting corneal inlay technology, today announced that it has secured a $10 million credit facility from Square 1 Bank, a division of Pacific Western Bank. RVO announced receipt of U.S. Food and Drug Administration (FDA) approval for its Raindrop® Near Vision Inlay for the surgical correction of presbyopia on June 29, 2016. Proceeds from the credit facility will be used for working capital purposes including commercial operations.
“We are delighted to secure this credit facility with Square 1 Bank,” said John Kilcoyne, RVO President and Chief Executive Officer. “This is clearly a very exciting time at RVO as we build our commercial infrastructure in preparation for the U.S. launch of the Raindrop Near Vision Inlay late this month.”
Rilus Graham, Senior Vice President in Square 1’s life sciences practice, added, “RVO’s innovative solution for presbyopia has produced excellent post-treatment outcomes and high rates of patient satisfaction. Square 1 is excited to support RVO’s future strategic growth opportunities and commercialization efforts.”
About the Raindrop Near Vision Inlay
The Raindrop Near Vision Inlay is comprised of approximately 80% water and has a refractive index very similar to the cornea. It is placed in the cornea of the non-dominant eye during a 10-minute procedure and is transparent, therefore does not restrict the amount of light reaching the retina. The reshaping of the anterior curvature of the cornea improves near vision.
The Raindrop Near Vision Inlay has received approval by the U.S. Food and Drug Administration, authorization to affix the CE Mark for the European Union, license approval by the Ministry of Food and Drug Safety (South Korea), approval by the Therapeutic Goods Administration (Australia), and registration with the Medicines and Medical Safety Authority (New Zealand). Other country-specific registrations are pending.
About ReVision Optics
ReVision Optics, Inc. focuses on the development and commercialization of innovative optical solutions dedicated to presbyopic vision correction. The company’s Raindrop Near Vision Inlay offers a unique, patented refractive surgery solution. The Raindrop Near Vision Inlay improves near vision that has been lost through the eye’s natural aging process called presbyopia. The Raindrop Near Vision Inlay provides an ideally suited surgical option for near vision enhancement.
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ: PACW). For more information, visit www.square1bank.com.