iSTAR Medical SA, an Isnen, Belgium-based ophthalmic device company and a spinout of Healionics Corporation, raised €4.0m in Series A financing.
The round was co-led by Capricorn Health-Tech Fund NV (CHF) and Societe Regionale d’Investissement de Wallonie (SRIW), with participation from Financière Spin-off Luxembourgeoise (INVESTSUD Group) and Namur Invest – Preface. In conjunction with the funding, Dr. Ekaterina Smirnyagina, Partner CHF, Philippe Degive, Investment Manager SRIW, and Dr. Max Maginness, President of Healionics, joined iSTAR’s Board of Directors.
The company intends to use the funds to support further clinical studies of its lead product STARflo™, an innovative ophthalmic implant for glaucoma, including plans for regulatory submission and clearance in the United States, as well as to advance its current R&D product pipeline.
Led by Michel Alvarez, founder, CEO and Director, iSTAR Medical is developing STARflo, a non-degradable, precision-pore implant made from STAR® Biomaterial. It is designed to operate as a bleb-free, microporous drainage system to reduce intraocular pressure (IOP) in patients suffering from open angle glaucoma by augmenting the eye’s natural uveoscleral outflow.
It received CE Mark approval in 2012 and is currently available through distributors in select countries.