Orlando, Fla.-based medical device company LensAR Inc. touted $87 million in fundraising, mostly through a debt financing agreement, in support of its laser cataract surgery systems.
LensAR raised $27 million in private equity financing and secured up to $60 million in debt financing. The company plans to use the funds to advance commercialization worldwide and to advance development of its cataract surgery platform.
The device maker plans to make strides in the cataract surgery market, which the company’s CEO says "has room for multiple players."
"We are in a position to market our differentiated technology to its full potential, and grow our share of the [refractive laser-assisted cataract surgery] market," CEO Nick Curtis said in prepared remarks. "We will start this initiative immediately, by reaching more doctors, with higher frequency in order to demonstrate the clear benefits of the LensAR Laser System."
New investors PDL BioPharma (NSDQ:PDLI) provided the credit agreement and Aisling Capital, Florida Growth and Florida Opportunity Funds contributed to the funding round, according to a company statement.