SynergEyes, Inc., a Carlsbad, CA-based developer of hybrid contact lens technology, has received a $5m debt financing from Oxford Finance Corporation, the subsidiary of Sumitomo Corporation.
The transaction includes a $2.5m senior secured term loan and a $2.5m revolving line of credit.
The company intends to use the funds to support its marketing and manufacturing efforts as it launches its second generation silicone hydrogel hybrid contact lens, Duette™, which aim to introduce a new design for astigmatic patients.
These are designed to eliminate problems commonly associated with soft toric contact lens wear, such as discomfort, less-than-optimal vision, night vision problems or instability on the eye.
Other FDA-approved lenses include ClearKone® for keratoconus, SynergEyes® Multifocal for presbyopia and SynergEyes® PS for post-surgery and post-trauma refractive errors.