Calhoun Vision said today that it raised a $69 million funding round for its ‘light-adjustable’ intra-ocular lens, with $52 million coming from a new round of financing and $17 million in a debt conversion.
The round was led by Longitude Capital, with H.I.G. BioVentures, Balance Point Capital Partners, and RA Capital Management as co-investors.
“This financing from prominent healthcare investors is a testament to Calhoun’s potential to solve an important unmet need in cataract surgery through postoperative IOL adjustability. With this financing, we will strengthen our team, support the company through the FDA submission process, advance our product pipeline, and execute our commercial strategy,” CEO Rick Heinick said in a prepared statement.
Funds are slated to support the continued pre-market approval testing of the company’s IOL, which uses a unique blend of light-sensitive polymers to create a customized lens physicians can adjust following cataract surgery, the Pasadena, Calif.-based company said. Enrollment of a 600-patient phase III study has recently been completed, the company added.
“Calhoun Vision, with its dynamic new management team, is uniquely positioned to improve the lives of millions of cataract patients worldwide through its novel and customizable light adjustable lens and pipeline. This round of financing is an important step toward the goal of bringing Calhoun’s first-in-class technology to physicians and their patients who can benefit from it,” Longitude Capital managing director Juliet Bakker said in a press release.
In March, Calhoun replaced ex-CEO Verne Sharma with Rick Heinick, a former Bausch & Lomb executive who helped lead the firm until its acquisition by Valeant Pharmaceuticals (NYSE:VRX, TSE:VRX) in 2013.