Opthalmic devices maker Ivantis padded its Series B funding round with another $14 million raised, bringing the total to $46.5 million.
The funds are slated to help Ivantis through 3 large clinical trials and may be enough to get the company through U.S. approval for its Hydrus Microstent glaucoma treatment device.
"This remarkably successful financing is a strong testament to the global market opportunity, our team, and, above all, the technology, most notably our compelling clinical data and strong intellectual property position," president & CEO Dave Van Meter said in prepared remarks. "We look forward to efficiently utilizing this capital to ensure the Hydrus clinical trials are completed expeditiously so that we may offer this important therapy to glaucoma sufferers in the coming years."
Ivantis also landed FDA approval to expand its clinical trial beyond the initial safety phase, the company said.
The Hydrus Microstent is about the size of an eyelash, the company said, and is implanted via a minimally invasive procedure to reduce pressure in the eye.