SAN DIEGO--(BUSINESS WIRE)--Tear Film Innovations, Inc. (TFI) announced today it has completed a $9 million Series A Preferred Stock funding round led by Visionary Ventures Fund, L.P. and Tigris Ventures, LLC.
“This funding provides both capital as well as important support from key opinion leaders for our evaporative dry eye treatment system as we advance through regulatory approvals to commercialization,” said Rob Thornhill, CEO and President of TFI. “The team at Visionary Ventures is a tremendous resource, with deep expertise in all facets of the ophthalmic sector and we are delighted to work with the Fund as well as their affiliated doctors during this exciting phase in our company’s development.”
TFI’s flagship product, the iLux® system, is an investigational device currently under review by the U.S. Food and Drug Administration. The device enables eye care professionals to provide in-office treatment of blocked meibomian glands through targeted heating and compression of affected eyelids. TFI recently completed a multi-site clinical study demonstrating the safety and efficacy of the system.
“There is no question the prevalence of clinical dry eye is on the rise with more than 25 million patients in the U.S.,” said Richard Lindstrom, M.D. of Minnesota Eye Consultants and member of the Visionary Ventures Fund investment team. “It is a dynamic field of medicine, with Meibomian Gland Dysfunction coming to the forefront of clinical study as we search for ways to provide patients with relief. The early experience with the iLux product is encouraging for both patients and eye care providers.”
“As we look at the ophthalmic device sector landscape, the dry eye market is poised for strong growth in both the Optometry and Ophthalmology channels. Tear Film Innovations’ product, management team and scientific approach were attractive to Visionary,” said Jeffry Weinhuff, Managing Partner, Visionary Ventures Fund, L.P.
About Visionary Ventures Fund, L.P.
Visionary Ventures Fund, www.visionaryvc.com, is an ophthalmology-focused venture capital firm investing across all aspects of the eye. The fund partners with leading ophthalmologists and sophisticated investors to make later-stage investments in devices and pharmaceuticals in the $40 billion global ophthalmology industry. Visionary Ventures Fund is located in Orange County, California, the global center for innovation in ophthalmology where the industry adds $13 billion annually to the California economy. Working closely with its key opinion leader (KOL) partners to identify and assess investments across the globe, the Fund draws on its local knowledge base for diligence support through its affiliation with OCTANe’s Launch Pad business accelerator. Visionary presently enjoys seven investments in ophthalmology in the Fund’s portfolio.
About Tigris Ventures, LLC
Tigris Ventures is a seed-stage venture fund and medical device incubator located in Del Mar, CA. Tear Film was founded as a collaborative effort between Tigris principals, venture partners and thought leaders in the eye care community. www.tigrisventures.com.
About Tear Film Innovations
Tear Film Innovations (TFI) is an early-stage company developing break-through products for the treatment of evaporative dry eye and related syndromes including Meibomian Gland Dysfunction (MGD) and blepharitis. For more information visit www.tearfilm.com.