IRVINE, Calif., May 1, 2017 /PRNewswire/ -- LensGen, Inc., a private company developing Juvene™, the world's first modular, fluid-optic accommodating intraocular lens, has closed a $21 million Series A financing. The financing was led by the corporate venture investment arm of HOYA Group and included participation from Relativity Healthcare Partners. The financing includes an option to expand the financing commitment by an additional $5 million.
"We are pleased to attract an experienced ophthalmology and corporate strategic investor like HOYA to accelerate our efforts to further develop and bring to market this innovative and elegant lens solution for treating presbyopia," said Ramgopal Rao, CEO and Founder of LensGen.
The Juvene™ accommodating intraocular lens 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. The lens is implanted using current surgical techniques used for traditional intraocular lenses.
"As one of the leading global intraocular lens companies, HOYA is very pleased to be working alongside companies like LensGen in advancing potentially meaningful innovations for the ophthalmic community and their patients," said Augustine Yee, HOYA Group Chief Legal Officer and Head of Corporate Development.
Cataract surgeons have been waiting for an accommodative intraocular lens technology that is fully compatible with small incision cataract surgery and provides sufficient accommodation for presbyopic patients.
"I believe Juvene has great potential to solve presbyopia and improve the lives of patients. From the early days of LensGen, I was enthusiastic about a curvature changing, biomimetic lens design, and I am excited with the progress that LensGen has achieved," said Roger F. Steinert, MD, Professor and Chair of Ophthalmology, Director, Gavin Hebert Eye Institute, University of California, Irvine.
About Presbyopia and Cataracts:
Presbyopia is a vision condition in which the crystalline lens of the eye loses its flexibility, which makes it difficult to focus on close objects. Presbyopia is a consequence of the typical aging process of the eye whereby the natural lens begins to harden, and usually becomes noticeable when individuals are early to mid-40s in age. According to industry sources, it is estimated that there are over 2 billion people worldwide with presbyopia and the potential market for presbyopia treatment may exceed $5 billion in the U.S. alone.
A cataract is a cloudy or opaque area in the normal clear lens of the eye. Most cataracts typically develop in people over age 55 and when a cataract progresses to the point that it affects a person's ability to do normal everyday tasks, surgery to replace the lens is usually needed. Cataract surgery involves removing the cloudy lens and replacing it with an intraocular lens. It is estimated that 30 million cataract procedures will be performed worldwide by 2020.
LensGen is a clinical stage company 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™ accommodating intraocular lens the company aims to treat vision correction errors and provide spectacle independence to patients affected by presbyopia and/or cataracts. For more information, please visit http:/www.lensgen.com.
Founded in 1941 in Tokyo, Japan, HOYA is a global technology and med-tech company, and a leading supplier of innovative high-tech and medical products. HOYA is active in the fields of healthcare and information technology providing eyeglasses, medical endoscopes, intraocular lenses, optical lenses as well as key components for semiconductor devices, LCD panels and HDDs. With over 150 offices and subsidiaries worldwide, HOYA currently employs a multinational workforce of over 34,000 people. For more information, please visit http://www.hoya.com.
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SOURCE LensGen, Inc.