ReVision Optics, Inc., a developer of implantable presbyopia-correcting corneal inlay technology, secured a $10m credit facility.
Square 1 Bank, a division of Pacific Western Bank, provided the debt financing.
The company intends to use the proceeds for working capital purposes including commercial operations.
Led by John Kilcoyne, President and Chief Executive Officer, ReVision Optics focuses on the development and commercialization of innovative optical solutions dedicated to presbyopic vision correction. The company’s Raindrop Near Vision Inlay received U.S. Food and Drug Administration (FDA) approval for the surgical correction of presbyopia.
The inlay, comprised of approximately 80% water, has a refractive index very similar to the cornea. It is placed in the cornea of the non-dominant eye during a 10-minute procedure and is transparent, therefore does not restrict the amount of light reaching the retina.
It also received authorization to affix the CE Mark for the European Union, license approval by the Ministry of Food and Drug Safety (South Korea), approval by the Therapeutic Goods Administration (Australia), and registration with the Medicines and Medical Safety Authority (New Zealand). Other country-specific registrations are pending.