LumiThera said today it raised $5.5 million in a Series B round of financing to support the development of its LT-300 device designed for treating dry age-related macular degeneration.
Proceeds from the round will support pursuit of regulatory clearance for the LT-300 device outside the US, including CE Mark approval in the European Union and additional clinical and commercial activities, the Seattle-based company said.
“We are pleased with the investor interest in the company and have oversubscribed the Series B round. This is an exciting time for the company and the infusion of new capital will allow us to execute on our multi-center clinical trials and initial OUS commercialization activities,” prez & CEO Clark Tedford said in a prepared statement.
The round was led by WaterStone Capital and joined by RPR Venture, the company said. As part of the round, WaterStone Capital founding partner Yigang Yang will join the company’s board of directors.
“WaterStone is very excited to be part of the LumiThera team and looks forward to helping in the global commercialization of the PBM technology for ocular disease,” Yang said in a press release.
LumiThera said it is currently engaged in a 30-patient prospective, randomized, double masked clinical trial exploring the use of the LumiThera LT-300 light delivery system.
“LumiThera has made significant strides in developing a novel treatment for a debilitating eye disease. Patients currently have limited options and vision loss is a growing global unmet medical need and the focus of our PBM platform technology,” board member Arthur Taylor said in a prepared release.
Last March, LumiThera said it won Health Canada approval for its Lightsite clinical trial examining the effect of its non-invasive photobiomodulation treatment in patients with age-related macular degeneration.