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VisionCare Closes $20 Million Series D FinancingFunds to help bring new treatment option for macular degeneration to market Saratoga, CA - January 4, 2005 - VisionCare Ophthalmic Technologies, Inc., developer of proprietary visual prosthetic devices for the treatment of age-related macular degeneration (AMD) and other central vision disorders, announced today it has closed a Series D financing totaling $20 million. The round was led by new investor Boston Scientific. Current investors participating in the financing include Pitango Venture Capital, Onset Ventures, Three Arch Partners, and Infinity Venture Capital. VisionCare intends to use the new capital to complete clinical development of the Implantable Miniature Telescope (IMT by Dr. Isaac Lipshitz), gain regulatory approval for the indication of end-stage AMD, and build sales and marketing capabilities. The visual prosthesis is the only medical device in late-stage clinical development for the moderately to profoundly visually impaired AMD population. "Enthusiasm for our technology from the ophthalmic community is reflected in this successful financing round," said Allen W. Hill, Chairman and CEO of VisionCare. "The significant investment by Boston Scientific and our existing investors will allow us to complete our ongoing pivotal trial and build the infrastructure to achieve a successful product launch next year. We intend to play a major role in the expanding field of AMD treatments." VisionCare's visual prosthetic device is designed to help improve vision and quality of life in patients visually impaired by AMD in both eyes (20/80 vision or worse). Based on the 2000 US Census population, it is estimated that over 430,000 Americans are legally blind (20/200 vision or worse in the better-seeing eye) due to advanced AMD. In addition, the National Eye Institute reports over 1.6 million Americans are affected by the advanced forms of AMD, defined as geographic atrophy ("dry" AMD) or neovascular ("wet" AMD). Approximately half of this population is affected in both eyes, causing moderate to profound vision impairment not correctable by glasses or contacts. VisionCare's US Phase II/III clinical trial is nearing completion. The prospective, multicenter trial enrolled over 200 patients at 28 investigational sites. Interim 6-month results were reported at the American Academy of Ophthalmology meeting in October of last year. One-year clinical results will be presented later this year. "For all these years, ophthalmologists have not had a treatment option for patients suffering from vision impairment due to geographic atrophy or disciform scar AMD," said Henry Hudson, M.D., F.A.C.S., Principal Investigator, Retina Centers, P.C., Tucson. "We are hopeful the one-year data will corroborate the 6-month results, which showed 89% of patients achieving the study protocol's visual acuity endpoint. We have been waiting for a technology that can deliver long-term visual acuity and quality of life improvement for these patients we see every day, but have been unable to treat." The implant is designed to be a permanent medical treatment for visual rehabilitation of individuals with bilateral moderate to profound vision loss due to end-stage AMD, resulting from dry AMD or wet AMD (treated or naturally resolved). Smaller than a pea, the telescope is implanted in one eye in an outpatient surgical procedure. In the implanted eye, the device renders enlarged central vision images over a wide area of the retina to help improve central vision, while the non-operated eye provides peripheral vision for mobility and orientation. About VisionCare Contact: |
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Caution: Investigational Device, Limited by Federal Law to Investigational Use. |