iStar Medical said today that it completed a Series C financing round worth more than $44 million.
Wavre, Belgium-based iStar plans to put the $44.2 million (€40 million) toward developing its MINIject micro-invasive glaucoma surgery (MIGS) device for sale in the U.S. and Europe. MINIject is designed to reduce intraocular pressure by enhancing aqueous humour outflow from the anterior chamber to the supraciliary space of the eye, according to a news release.
The funding was led by healthcare specialist funds LSP and Gimv, with participation from Earlybird and BNP Paribas Fortis Private Equity. Existing shareholders, including Capricorn Partners, Walloon Region Investment Fund and Belgian Federal Investment Fund, also participated.
“We are delighted to welcome LSP, Gimv, Earlybird and BNP Paribas Fortis Private Equity to iSTAR Medical, and I would like to thank our existing investors for their continued support,” said iStar executive board chairman Michel Lussier. “This renowned investor syndicate has a track record of supporting successful, innovative companies and is a strong endorsement of our world-leading technology for glaucoma sufferers.”
“iSTAR Medical is setting new frontiers in MIGS treatment of glaucoma,” added CEO Michel Vanbrabant. “The positive results achieved at 18-month follow-up of our first-in-human trial validates the potential of MINIject in the supraciliary space as the next therapeutic option for glaucoma patients. This financing is a significant milestone for the company and will support the development and commercial launch of MINIject.”
($1 = €0.905)