ReVision Optics said it’s raised $55 million from a consortium of investors and closed enrollment in a clinical trial of its Raindrop near vision inlay to treat presbyopia.
The Lake Forest, Calif.-based company said all of its existing backers – Canaan Partners, ProQuest Investments, InterWest Partners and Domain Assoc. – were joined by new investors Johnson & Johnson (NYSE:JNJ) Development Corp. and RusnanoMedInvest in the round.
"Participation by all of our existing investors, Canaan, ProQuest, InterWest and Domain, combined with the capital from new investors JJDC and RMI, provides our company with the necessary financial resources to carry us through the FDA [pre-market approval] process for the Raindrop near vision inlay and to expand our current commercial footprint outside the U.S.," president & CEO John Kilcoyne said in prepared remarks. "In addition to our significant financing milestone, I am also extremely proud to announce that we recently completed patient enrollment in our U.S. investigational device exemption clinical trial designed to evaluate the safety and effectiveness of the Raindrop in improving near vision in patients with presbyopia."
The funding deal also includes a provision for NovaMedica, a joint venture between Domain Assoc. and Rusnano, to commercialize the Raindrop device in Russia, according to a press release.
The Raindrop inlay is a hydrogel designed to be inserted under the surface of the eye to correct presbyopia, according to the release.