Financing Will Support Clinical Development of HARMONITM Modular IOL Capable of Optimizing Vision After Cataract Surgery
Aliso Viejo, California, May 22, 2015 – ClarVista Medical, Inc. (“ClarVista”), a privately-held ophthalmic device company developing the HARMONITM system, a novel modular and easily exchangeable intraocular lens (IOL) for lens replacement after cataract surgery, announced today that it has secured $14 million in Series B financing. The financing, which was co-led by Cycad Group and Windham Venture Partners alongside existing investor New Enterprise Associates (“NEA”), will enable the company to further advance the HARMONI system through its global clinical development program. In conjunction with the financing, Robert Balch of Cycad Group and Cynthia Yee of Windham Venture Partners will join ClarVista’s Board of Directors.
“We are thankful for the continued support of NEA and welcome the addition of Cycad and Windham. We are pleased to partner with this experienced group of investors as we commence the next phase of development for the HARMONI system,” said Paul McLean, CEO of ClarVista Medical. “This financing positions ClarVista to build off the clinical momentum generated from our first-in- human study completed last year, and we are excited to move forward into the next stage of clinical studies for HARMONI.”
Dr. Ali Behbahani, Partner at NEA, stated, “We are extremely impressed with the progress ClarVista has achieved since it was spun out of Prospex Medical. We believe HARMONI’s modular design that facilitates post-operative lens exchange offers a technically simple, yet innovative advancement in refractive cataract surgery that has the potential to improve clinical outcomes and procedure economics. We look forward to our continued partnership with the company”
Cataract surgery is one of the most common and safest surgical procedures in the US due to advancements in tools used to ease implantation of current IOL technologies. Nonetheless, visual outcomes remain highly variable with an estimated 30-50% of patients undergoing cataract surgery experiencing sub-optimal refractive outcomes and over 300,000 patients annually experience significant residual refractive error after surgery. Unfortunately, current methods for addressing poor refractive outcomes after cataract surgery are complex, time-consuming, and costly, and can lead to potential sight-threatening complications. ClarVista’s HARMONI modular IOL system offers physicians the ability to post-operatively optimize refractive outcomes and tailor lens choices to meet the patient’s short and long-term visual needs via lens exchange in a simple and safe procedure.
Dr. Malik Kahook, Professor of Ophthalmology at the University of Colorado and co-inventor of the technology stated, “Despite significant innovation in instruments that safely remove the cataract from the eye, fundamental IOL design has not changed in more than five decades. Today’s IOLs are simply no longer able to meet the high expectations of patients and physicians. There is significant unmet need for an advanced IOL system that can satisfy the visual needs of patients around the globe. We designed this system to be easily and safely exchangeable without manipulation of the delicate capsular bag and this feature, by itself, will deliver great value to the market. However, we think we can go well beyond that and have shown the promise to improve first-time visual outcomes and significantly reduce the development of PCO (posterior capsule opacification), a common post-operative complication. The HARMONI modular IOL system really has the opportunity to disrupt the existing large market for IOLs.”
Commenting on Windham’s participation in the financing, Cynthia Yee said, “We’re enthusiastic to invest in ClarVista and believe the HARMONI technology platform will have a transformative impact on the field of ophthalmology with broad potential applications in advanced lens placement as well as drug delivery.” “With promising first-in-human clinical results and an experienced management team, we believe the Company is well-positioned to build a valuable new franchise opportunity in ophthalmology,” added Robert Balch of Cycad Group
ABOUT CATARACT SURGERY
According to the National Eye Institute, cataract disease is one of the leading causes of vision loss and blindness globally with an estimated 25 million people in the US and over 150 million people worldwide who suffer from impaired visual acuity due to cataract in one or both eyes. A cataract is caused by opacification of the lens of the eye which focuses light required for vision, and if left untreated, can lead to blindness. Fortunately, normal vision can be restored through cataract surgery, a procedure in which the patient’s opaque natural lens is removed and replaced with an artificial intraocular lens (IOL). Cataract surgery is the most common procedure performed in all of medicine with over 3 million Americans choosing to have cataract surgery each year. It is estimated that the global market for intraocular lens will exceed $3 billion in 2014.
ABOUT CLARVISTA MEDICAL
ClarVista Medical, Inc., is a clinical stage ophthalmic device company focused on the development of the HARMONI modular intraocular lens system, a novel and easily exchangeable intraocular lens (IOL) for lens replacement after cataract surgery. The HARMONI system features two components, a base component and an optic component. The base component is an elegant positioning device that provides a stable and predictable platform within the natural capsular bag. The optic component is an advanced optical lens that couples to the base securely using traditional surgical instrumentation. The modular base and optic system provide a stable and flexible platform for accurately correcting vision. The HARMONI system offers physicians the ability to safely and cost-effectively offer patients a lens option that can be upgraded and adjusted to optimize clinical outcomes based on patients’ evolving medical needs throughout their lifetime. ClarVista is developing a full range of intraocular lenses to address significant unmet needs in the IOL market.
ABOUT CYCAD GROUP
Cycad Group is a venture capital firm focused on investments in companies with enabling solutions, disruptive technologies and innovative products. Cycad Group pursues investment opportunities in the life sciences, energy production, advanced materials and chemical processes. With experience investing in all phases of development, from seed through PIPE transactions, Cycad Group seeks opportunities to work with exceptional entrepreneurs creating technology-driven businesses. For more information, please visit www.cycadvc.com.
ABOUT WINDHAM VENTURE PARTNERS
Windham Venture Partners is a New York City based venture capital firm focused on healthcare, with a particular emphasis on medical technology, including medical devices and healthcare IT. Windham seeks to invest in and partner with companies that are developing innovative technologies that serve unmet clinical needs and improve the quality and efficiency of care in our healthcare system. For additional information, visit www.windhamvp.com.
NEA is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $17 billion in committed capital, the firm invests in information technology, healthcare and energy technology companies at all stages in a company’s lifecycle, from seed stage through IPO. NEA’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. For additional information, visit www.nea.com.