ReVision Optics said today that it raised $32 million in an equity round to back the commercialization of its Raindrop near-vision inlay.
Existing backers Canaan Partners, Domain Associates, InterWest Partners and ProQuest Investments also participated in the round, Lake Forest, Calif.-based ReVision said.
The Raindrop inlay, which won pre-market approval from the FDA in June, is a microscopic hydrogel inlay placed in the cornea of the patient’s non-dominant eye during a 10-minute procedure to gently reshape the anterior curvature of the cornea to provide near and intermediate vision.
“ReVision Optics is clearly fortunate to have a supportive base of highly regarded venture investors, and we appreciate their significant support in this most recent financing,” president & CEO John Kilcoyne said in prepared remarks. “We are now well-capitalized to continue our controlled launch of Raindrop, paying particular attention to ensuring excellent outcomes for both our ophthalmic surgeons and their Raindrop patients. Building a foundation of great outcomes and positive experiences will continue our momentum as we expand Raindrop’s footprint nationally.”
ReVision said it plans to use some of the cash to expand its sales force and to develop a marketing campaign and medical affairs team. The company said it aims to expand its reach beyond the sites that participated in its pivotal trial.
“The Raindropnear-vision inlay provides the ‘Wow’ factor to patients with an improvement in near vision, without impairing binocular distance vision. Indeed, most patients are able to go back to their regular routine shortly after the procedure,” Kilcoyne said. “We have in place a comprehensive, thoughtful plan for the continued commercial rollout of Raindrop. At the core of our activities are the many powerful benefits our product affords patients who desire a long-term solution for improved near vision.”