Eye-care focused device developer Tear Film Innovations said today it closed a $9 million Series A preferred stock round to support its iLux system designed to treat blocked meibomian glands in eyelids.
The round was led by Visionary Ventures Fund and Tigris Ventures, the San Diego, Calif.-based company said.
“There is no question the prevalence of clinical dry eye is on the rise with more than 25 million patients in the U.S. 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,” Visionary Ventures’ Dr. Richard Lindstrom said in a prepared statement.
“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,” Visionary Ventures’ Jeffry Weinhuff said in a prepared release.
Tear Film’s flagship product is the iLux system, which is currently under investigational device review by the FDA. The device is designed to allow for the in-office treatment of blocked meibomian glands through targeted heating and compression of affected eyelids, the company said.
The company said it recently completed a multi-site clinical study exploring the safety and efficacy of the system.
“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. 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,” CEO & prez Rob Thornhill said in a press release.
