ReVision Optics said today that it took out a $10 million credit line with Pacific Western Bank subsidiary Square 1 Bank as it looks to build out its commercial operation after winning FDA approval for its Raindrop presbyopia inlay.
The Raindrop inlay, a corneal implant designed to treat nearsightedness, won pre-market approval from the FDA in June. The device is a microscopic hydrogel inlay placed in the cornea of the patient’s non-dominant eye, designed to reshape the anterior curvature of the cornea.
Lake Forest, Calif.-based ReVision said today that it plans to use the credit line to for “working capital purposes including commercial operations.”
“We are delighted to secure this credit facility with Square 1 Bank,” president & CEO John Kilcoyne said in prepared remarks. “This is clearly a very exciting time at RVO as we build our commercial infrastructure in preparation for the U.S. launch of the Raindrop near vision inlay late this month.”
“RVO’s innovative solution for presbyopia has produced excellent post-treatment outcomes and high rates of patient satisfaction. Square 1 is excited to support RVO’s future strategic growth opportunities and commercialization efforts,” added Square 1 life sciences SVP Rilus Graham.
Earlier this month, the company released results from a trial of the Raindrop inlay, touting significantly improved near and immediate vision and no loss of distance binocular acuity in subjects with presbyopia. The 30-patient study, published in the journal Investigative Ophthalmology and Visual Science, showed that the tissue “predominately takes on the curvature shape of the inlay” at 1 year.