A Medical Device Daily
Ophthonix (Vista, California), a vision correction company, has closed its $25.9 million Series AA financing.
In addition to a significant investment by a new private investor, each of the company's current top-tier investors participated in the Series AA funding: Kleiner Perkins Caufield & Byers, Enterprise Partners, DAG Ventures, Gund Investment Corporation, InterWest Partners, Trex Enterprises and Wasatch Advisors' Cross Creek Capital Fund.
The company said the financing round enables it to continue the rollout of the Z-View Aberrometer and iZon high-resolution lens throughout the U.S.
"We are very excited by our success in securing the support of a new private investor and the ongoing commitment of our world-class investment partners. The large investment by the new investor validates our business proposition and the company's valuation," said Stephen Osbaldeston, Ophthonix CEO. "First-quarter 2009 sales growth in excess of 30% and our continued increase in prescribing optometrists underscores the significance of our technology. With this investment round we are well-positioned to continue to build distribution of our high-definition vision iZon lenses among leading optometrists, while capitalizing on our recent strides in improving manufacturing margins and reducing operating expenses."
The iZon lens design is based on a patient's optical fingerprint, or iPrint, as measured by the company's Z-View Aberrometer, Ophthonix said. As a result, the iZon lens can address the symptoms associated with the unique imperfections, or aberrations, of the eye that can cause sub-optimized visual clarity if not corrected, the company noted.
"Patients tell us that the iZon lens gives them a quality of vision that they have never before experienced sharpness of images, richer colors, better depth perception, reduced glare and enhanced night vision," Osbaldeston said. "Recent clinical studies conducted by the University of Illinois at Chicago have validated that the iZon ML lens delivered significant advantages across a range of visually challenging conditions, including glare, low contrast, reading signs at a distance and low light."
"From our initial introduction to the company's proposed optical system, we saw the breakthrough potential of a disruptive technology that could detect, measure and correct the visual symptoms that have limited the quality of vision experienced by the hundreds of millions of people around the world who suffer from high order aberrations," said Drew Senyei, MD, and managing director of Enterprise Partners. "Our firm has been very excited to see such significant growth in distribution and lens sales, even in these challenging economic times."