Intraocular lens developer LensGen announced today that it closed the addition of $10 million in a $20 million bridge financing.
HOYA Group’s corporate investment arm led the financing, which is part of a larger Series B round planned for early 2021 that is earmarked for funding the company through the approval of a pivotal FDA study for its Juvene fluid-optic intraocular lens (IOL) for cataract and presbyopia treatment, according to a news release.
“We are delighted to attract additional investment from an experienced ophthalmology and corporate strategic investor like HOYA in order to advance into the pivotal stage of our FDA clinical study and bring to market an innovative and elegant solution for treating cataracts and presbyopia,” LensGen founder & CEO Ramgopal Rao said in the release.
Irvine, Calif.-based LensGen also added 40-year veteran of the ophthalmic industry Jim Mazzo to its board of directors. Mazzo serves on the ASCRS governing board, the AAO Foundation advisory board and is an executive committee member of the Medical Deice Manufacturers Association. He is also the founder and chairman of Octane.
“LensGen has a unique platform technology that I believe represents the future of cataract and lens replacement surgery,” Mazzo said. “I am looking forward to working with this innovative and dedicated team of professionals and leading surgeons around the world to bring better lens implant treatment options to patients.”