IRVINE, Calif., July 17, 2018 /PRNewswire/ -- LensGen®, Inc., a private California company developing the world's first modular, fluid-optic, curvature changing intraocular lens (IOL) is reporting significant progress in its effort to transform how presbyopia is addressed.
The Company successfully achieved a key clinical performance milestone which triggered the release of $11 million in funding as part of the Series A Financing that was announced in May 2017. Also, lead investor HOYA Group opted to invest an additional $4.4M that was an available option in the Series A financing. "We are pleased that LensGen is continuing to make outstanding progress on its clinical and business development goals," said Akiteru Furukawa, General Manager, Hoya Corporation Business Development. "We look forward toward the achievement of the necessary steps to starting and completing the FDA trial."
In addition, The US Patent Office has just granted LensGen two broad and comprehensive patents protecting its proprietary modular, fluid IOL technology.
"We are thrilled to share the steady progress the LensGen team is making toward our ultimate goal of bringing the Juvene™ platform to market," said Ramgopal Rao, LensGen Founder and Chief Executive Officer.
The Company met with several of the nation's top refractive surgeons at the American Society of Cataract and Refractive Surgery meeting this spring in Washington D.C.
"There was great enthusiasm from the surgeons in the room about the potential of Juvene™ to ultimately transform how we treat our cataract patients," said Eric Donnenfeld M.D. founding partner of Ophthalmic Consultants of Long Island and a past President of the American Society of Cataract and Refractive Surgery. Dr. Donnenfeld is also a member of the LensGen Scientific Advisory Board.
Juvene™ is designed with the potential to permanently restore clear and continuous vision at all distances for patients with cataracts and presbyopia. The lens provides accommodation by mimicking the eye's natural accommodation process to change shape and adjust focus, like the autofocus of a camera. Capsule filling Juvene™ stabilizes the lens position and prescription for the patient. The lens is implanted using current surgical techniques used for traditional intraocular lenses.
In addition to the positive development regarding financing and intellectual property, the Company revealed it will be expanding from its current office location into a 14,000 sq. ft. office and lab space within the Irvine Spectrum business park. The new office space is needed to accommodate new employees that will be hired as the Company continues to grow and to build a clean room to support research and development and manufacturing.
LensGen is a clinical stage company headquartered in Irvine, California focused on restoring youthful vision to millions of cataract and presbyopia patients with a new classification of fluid-optic intraocular lenses. With its innovative Juvene™ curvature changing intraocular lens the company aims to treat vision correction errors and provide spectacle independence to patients affected by cataracts and/or presbyopia. For more information, please visit http://www.lensgen.com.
SOURCE LensGen, Inc.