VisionCare Ophthalmic Technologies Inc. CEO Allen Hill told "Globes" yesterday that the company planned to raise $20 million to finance the production and marketing of its product.
VisionCare has an R&D center and production plant in Petah Tikva, which it plans to expand following a recommendation that the US Food and Drug Administration (FDA) should approve the company's prosthetic devices for individuals with age-related macular degeneration (AMD).
VisionCare plans to market its devices directly in most countries. The next step will be to obtain insurance coverage of the devices, initially by using current codes. The company later hopes to obtain designated codes for its products.
In late March, the FDA Ophthalmic Devices Advisory Panel unanimously recommended that the FDA should approve, with conditions, the premarket application (PMA) for VisionCar's implantable telescope for End-Stage AMD. The implantable telescope is the first medical device to be recommended by the panel for FDA approval for End-Stage AMD, a leading cause of untreatable blindness in the US.
VisionCare has raised $46 million to date, including $20 million in its most recent financing round, which was led by Boston Scientific Corp. (NYSE: BSX). Other investors include Israel Infinity Venture Capital, Pitango Venture Capital, JP Morgan, Onset Ventures, Three Arch Partners, and the Canada-Israel Opportunity Fund.
Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2009
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