EyeTechCare, a developer of non-invasive therapeutic medical devices using ultrasound technology, has completed EUR7.5m funding round. The funds are expected to enable the company to complete the clinical trial of EyeOP1, an ultrasound-based medical device for the treatment of glaucoma.
The funds were provided by Lyon-based insurance company SHAM, a first time investor and Credit Agricole Private Equity (CAPE), one of EyeTechCare’s existing shareholders. Aelios Finance and MAGS acted as advisers to the company, while Morgan Lewis acted for the investors.
EyeTechCare had raised EUR1.2m from Credit Agricole Private Equity and CEA-Investissement, in its first funding round in July 2008, which enabled it to complete preclinical studies of its device for the treatment of glaucoma.
The funds raised in the second financing are expected be used to complete the first clinical trial in man, as well as establish the manufacturing facilities and the sales and marketing force required for this first product, whose market launch is scheduled for early 2011.
Fabrice Romano, chairman of EyeTechCare, said: “This funding gives us the resources we need to complete our first trial in man and to lay the foundations for the commercialization of EyeOP1. We aim to break even in 2013.”
Olivier Szymkowiak, head of investments at SHAM, said: “We were favourably impressed by the EyeTechCare team, whose innovative medical device should fill a major therapeutic void in the treatment of glaucoma and could prove a real technological breakthrough in overcoming this disease.”