Ophthalmological device developer Belkin Laser has closed a $5.3 million round of financing, according to a Globes Israel report.
The funding round was comprised of $2.5 million from Zico Holdings and Rimonci Capital and $2.8 million (EU €2.5 million) in an EU grant as part of the GLAUrious Program, which was initiated by Belkin Laser and 4 collaborative European partners.
The Israel-based company, which was spun out of the RAD Biomed accelerator, is developing a laser device designed to treat patients with glaucoma to replace eye drops that are currently standard of care, according to the report.
The device is based on an invention from Tel Aviv University’s Michael Belkin, who serves as the company’s chief medical officer. Belkin also invented the Ex-Press glaucoma transplant acquired by Alcon 8 years prior for $180 million, according to the report.
The company was co-founded by Dr. Ziv Karnik, who served as CEO of Alma Lasers, which was acquired in 2013 for $240 million.
Belkin Laser has a successful clinical trial under it’s belt already, according to the report, with the current round of financing slated to support a large scale clinical trial across the EU as it seeks CE Mark approval.
“Our treatment revolutionizes glaucoma treatment by making it highly accessible. With the capital raised in this round, we will advance the development of our solution, which requires no specialty and is simple and painless, thus helping millions of glaucoma patients across the globe to avoid vision loss. Our treatment replaces the initial traditional therapy with eye drops, a method that involves low patient compliance and as a result, gradual vision loss,” CEO Daria Lemann-Bluementhal said, according to the report.