EyeTechCare raises $13M for ultrasound glaucoma treatment

March 13, 2013 by Brad Perriello

EyeTechCare raises nearly $13 million (€10 million) for a clinical trial of its EyeOP1 ultrasound device for treating glaucoma, aiming for a nod from U.S. regulators.

EyeTechCare

EyeTechCare said it landed nearly $13 million in its 3rd round of funding, aiming to use the cash to fund a clinical trial of its EyeOP1 ultrasound glaucoma treatment, which has been on the market in Europe since

Rillieux-la-Pape, France-based EyeTechCare said the backers include private investor Dr. Bernard Chauvin and prior investors Omnes Capital and France's SHAM insurance company.

The EyeOP1 device won CE Mark approval in the European Union in May 2011, according to a press release, and hit doctors' shelves there in late 2012. The device uses high-intensity focused ultrasound in an "ultrasound circular cyclo-coagulation" procedure to partially destroy the cilia that generate intraocular pressure, according to the release.

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EyeTechCare is running the 120-patient EyeMUST2 trial, expected to conclude in 2014, and said it plans to use the proceeds of the latest funding round to finance the rest of the trial and cover the initial costs of registering with the FDA.

"We're truly honored to have the support of Bernard Chauvin, a renowned authority in the field of ophthalmology," EyeTechCare CEO Fabrice Romano said in prepared remarks. "It's a real acknowledgement for EyeTechCare and our EyeOP1 product. This funding means that we can consolidate our presence on the European market and prepare for entry into the US market."

The round takes EyeTechCare's total raise to $24 million (~€18.7 million) since 2008, according to the release.

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