ScyFIX is hoping to raise $4 million as it seeks FDA approval for a device that uses slight electric shocks to treat degenerative eye disease.
The Chanhassen, Minn.-based company just started the offering, which expires in June 2012, according to a federal Securities and Exchange Commission filing.
Founder and CEO Thomas Harold declined to comment for this article.
The company’s ScyFIX 700 device already has European regulatory approval and is marketed in Europe and other locations around the world. ScyFIX has about 10 employees spread out globally, including its main European office in the Stockholm area.
The device is designed to treat macular degeneration, Stargardt’s disease, retinitis pigmentosa and other degenerative eye diseases. Pads placed over a patient’s eyes deliver slight electrical charges that have a stimulative effect on cells in the retina at the back of the eye and help to slow down or even restore sight loss, according to the company.