iStar Medical said today that it raised a $11.4 million Series B round for the implants it’s developing to treat glaucoma.
Wavre, Belgium-based iStar said its pipeline, including the 1st-generation StarFlo implant, is based on the Star material it created. The €10 million Series B round will go toward the development and CE Mark trial of its 2nd-generation MiniJect minimally invasive glaucoma surgery device, the company said
Existing backers Capricorn Venture Partners and Walloon Region Investment Fund participated in the round, joined by new shareholders Belgian Federal Investment Fund, Fond Européen des Matériaux, Start-Up and several private investors.
“MiniJect represents a significant achievement in our company’s history. It leverages our clinical experience with the Star biomaterial, combined with the insights of international scientific experts who helped us to develop this micro-invasive solution, and has the potential to become best in class. I would like to thank our existing investors for their continued support and welcome our new investors to the company. This funding is a validation of our vision, technology and management’s ability to successfully execute the strategy,” CEO Michel Vanbrabrant said in prepared remarks.
“This new funding milestone will enable the next major step for iStar to finalize clinical development and commercialization of a next-generation, micro-invasive glaucoma surgery device. MiniJect offers the potential of an efficacious treatment for a disease that is a major cause of blindness globally,” added chairman Michel Lussier.
iStar raised about $5.4 million (€4 million) in a Series A round in November 2013.