PowerVision has completed a $30m Series D financing round to fund the development of its FluidVision accommodating intraocular lens.
New investors Aisling Capital and Correlation Venture Partners as well as existing investor, Venrock, added $10m to the $20m closing earlier 2014 from PowerVision’s existing investors.
The proceeds will be used by the company to complete patient enrollment in the ongoing CE Mark study of the FluidVision accommodating intraocular lens.
Patient enrollment is anticipated to be completed by the end of 2014, while receipt of the CE Mark approval and the subsequent launch of the US pivotal study coming in 2015.
PowerVision’s major investors now include Aisling Capital, Correlation Ventures, Advanced Technology Ventures, Frazier Healthcare, Venrock, Johnson & Johnson Development, and Medtronic.
FluidVision lens is being developed by PowerVision to permanently restore clear vision at all distances for patients affected by presbyopia and/or cataracts.
The lens provides True Accommodation by mimicking the eye’s natural accommodative process to change shape and adjust focus the way that young, healthy eyes do.
PowerVision president, CEO and co-founder Barry Cheskin said that based on data reported to date, the company believes that the FluidVision lens could become the first truly accommodating intraocular lens to hit the market and become a new standard of care for cataracts and presbyopia surgery.
"Current treatment methods fall short, and most patients must still rely on reading glasses or other corrective lenses to see both near and far, Cheskin added.
"The FluidVision lens would eliminate that need, and could provide a new option for millions of people with these conditions."