Ophthalmic devices maker PowerVision finally put a ribbon on its $30 million Series D funding round, planning on using the funds to advance clinical trials in support of regulatory approvals in Europe and the U.S.
The company has previously won the backing of companies including Medtronic (NYSE:MDT) and Johnson & Johnson (NYSE:JNJ). New investors Aisling Capital and Correlation Venture Partners and existing funder Venrock helped close off the latest round by putting in the last $10 million, according to a press release.
The Belmont, Calif.-based PowerVision plans to use the funds to complete an ongoing CE Mark study of its FluidVision accommodating intraocular lens by the end of this year, and to launch a U.S. pivotal study in 2015.
PowerVision has been raising the Series D round since January, SEC filings show. The company offered equity, Series D preferred stock and common stock issuable upon conversion.
The FluidVision implant is poised to be the 1st to restore "True Accommodation," the ability to focus vision at all normal distances, which PowerVision called an "unprecedented achievement."
"Based on data reported to date, we believe that the FluidVision lens could become the 1st truly accommodating intraocular lens to hit the market and become a new standard of care for cataracts and presbyopia surgery," co-founder, president & CEO Barry Cheskin. "Current treatment methods fall short, and most patients must still rely on reading glasses or other corrective lenses to see both near and far. The FluidVision lens would eliminate that need, and could provide a new option for millions of people with these conditions."
Medtech titan Medtronic in 2011 participated in PowerVision’s $24 million Series C financing round and named Medtronic’s then-medicine & technology senior vice president to PowerVision’s an observer on PowerVision’s board.