BioLight, 2 Asian Firms Invest $7.2M in Glaucoma Treatment Tech Company IOPtima
TEL AVIV, Israel — BioLight Life Sciences Investments Ltd. and two Asia-based venture capital firms will provide $7.2 million in funding to BioLight subsidiary IOPtima Ltd.
Financing will support commercialization and regulatory approval of the IOPtimate system — a minimally invasive surgical ophthalmic device — in the U.S. The CO2 laser-based technology enables the performance of a filtration surgery to treat glaucoma without penetrating the inner part of the eyeball. The procedure provides high efficacy, and allows for reductions in postoperative complications and use of eye drops, according to BioLight.
The system has been sold in Hong Kong, Poland, Hungary, Romania and Peru; distribution agreements are under negotiation in additional countries.
The two venture firms and BioLight will invest $6 million and $1.2 million, respectively, on the basis of a $13.5 million premoney valuation of IOPtima. BioLight will hold approximately 71 percent of IOPtima's issued and outstanding shares. The private placement is expected to close within the next few weeks, subject to standard closing terms.
For more information, visit www.bio-light.co.il.
- The branch of medicine involved in the study of the anatomy, functions, diseases and treatments of the eye.
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