EyeTechCare SA, a Rillieux-la-Pape, near Lyon, France-based developer of non-invasive therapeutic medical devices for the ophthalmology market based on the use of ultrasound, secured a €10m third round of funding.
Backers included private investor Bernard Chauvin, who has taken an equity stake in the company alongside existing investors Omnes Capital (formerly Credit Agricole Private Equity) and SHAM. In conjunction with the funding, Bernard Chauvin, Bernard Chauvin is a physician specializing in ophthalmology, will join the company’s board.
Founded in 2008 and led by Fabrice Romano, CEO, EyeTechCare is developing non-invasive therapeutic medical devices for the ophthalmology market based on High-Intensity Focused Ultrasound (HIFU), a technology that allows ambulatory and rapid treatment to be performed, thereby limiting the cost and the risk to the patient.
The company’s first device, EyeOP1 (R), for the treatment of glaucoma, has been undergoing clinical trials in France and Europe and was launched onto the market at the end of 2012. The device utilizes the UC3 (ultrasound circular cyclo-coagulation) procedure, which makes it possible to reduce intraocular pressure by partially and accurately destroying the ciliary bodies that produce aqueous humor. The device obtained the CE mark in May 2011.
EyeTechCare now intends to use the capital to complete its EyeMUST 2 international trial, with results due to be published in 2014, and fund the initial steps required by the FDA registration process. It plans to notify the FDA before the end of 2013 of its intention to bring the device to market.
05/07/2010: EyeTechCare Raises €7.5M in Second Round of Funding