Sight Sciences intends to utilise the proceeds to support commercial expansion of its Omni and TearCare products
US-based medical device company Sight Sciences has secured $30m in a Series E preferred stock financing round to commercialise its Omni and TearCare products.
Based in California, Sight Sciences develops products for the treatment of glaucoma and dry eye disease.
The company’s portfolio includes Omni surgical system and TearCare system.
Omni is a manually operated surgical device to deliver small amounts of viscoelastic fluid, such as Healon or HealonGV from Abbott Medical Optics (AMO), Amvisc from Bausch & Lomb, or PROVISC from Alcon, during ophthalmic surgery.
It also has an indication for cutting trabecular meshwork tissue during trabeculotomy procedures.
TearCare is designed to apply localised heat during the recommended application of a warm compress to the eyelids during treatment of meibomian gland dysfunction (MGD), dry eye or blepharitis.
Sight Sciences plans to use the funds to support commercial expansion for its Omni and TearCare products
The company intends to use the funds for continued clinical and operational development, along with supporting commercial expansion for its Omni and TearCare products.
Sight Sciences founder and CEO Paul Badawi said: “We are extremely excited to partner with D1 over the long term.
“This investment further validates the substantial progress we have made in our mission to transform the treatment of the world’s most prevalent eye diseases.
“Through further clinical trials and continued scale-up of our commercial infrastructure, we are looking forward to accelerating the market development of both standalone MIGS with OMNI and procedure-based dry eye therapy with TearCare.”
The funding round was by led by D1 Capital Partners, which currently has $10bn of capital under management.
Established by Daniel Sundheim in 2018, D1 invests in the global internet, technology, telecom, media, consumer, healthcare, industrial, and real estate sectors.
D1 Capital Partners analyst James Rogers said: “Sight Sciences has introduced two technologies that have fundamentally improved how physicians can treat two of the most prevalent eye diseases. In minimally invasive glaucoma surgery the safety, efficacy and versatility of the OMNI device is unmatched.
“Additionally, we feel the early success with the commercialisation of TearCare suggests this innovative and effective solution has addressed the shortfalls of previous dry eye treatments and modalities for this common ailment.”