COLUMBUS, Ohio, Sept. 4, 2024 /PRNewswire/ -- Myoptechs, a clinical-stage pediatric, ophthalmic medical device company developing novel soft contact lenses and spectacles designed to slow the progression of myopia while providing exceptionally clear vision, today announced progress on its fundraise and clinical development program. The Company's first $2.0M raised was led by a Fortune 500 Life Sciences Company and Catalyst Fund-III—managed by Rev1 Ventures, with additional investments from Goga Holdings, WS Investment Company, and individual investors passionate about supporting eye health and the pediatric patient population.
"We are grateful to our investors for this vote of confidence in our young Company," stated Paul Grimm, CEO of Myoptechs. "Myoptechs was founded with the singular intent of commercializing a novel technology invented by Dr. Tom Raasch, designed specifically to maximize an optical signal that is clinically proven to slow the progression of myopia. In 18 months since licensing the idea and filed IP, our Team has incubated the technology through prototype design, manufacturing, and now two completed clinical studies with our novel soft contact lens, both with very positive outcomes."
Commonly known as nearsightedness, myopia is a chronic, progressive eye disease, characterized by a negative powered refractive error and excessive eye elongation. The prevalence of myopia will double by 2050, impacting 50% of the global population.1 Besides visual degradation, the elongated eye is susceptible to long-term, pathological complications with significant risks to eye health and vision. Any degree of myopia increases the risk of sight-threatening complications, including glaucoma, retinal detachment, and myopic macular degeneration, with certain complications leading to blindness in adulthood. Myoptechs is developing optical correction designed to slow the progression of myopia, thereby reducing the short- and long-term vision implications of the disease.2
Myoptechs' soft contact lenses which incorporate its Faceted Optical SystemTM, have delivered excellent distance visual acuity in two clinical studies, which is the first goal in helping people with myopia. Proceeds from the fundraise will enable the remaining studies in the Company's Early Clinical Development Program with the objective of selecting its two best prototypes for extended on-eye clinical testing to show that its powerful, novel optical system helps slow the progression of the disease. Additionally, the funds will help Myoptechs deliver the first manufactured prototypes of its novel spectacles.
"We are thrilled to support Myoptechs through this investment and join the team on their mission to help kids see better "now" while reducing the risk of vision impairment across their lifetime," stated Tom Walker, CEO of Rev1 Ventures. "The Life Sciences industry continues to grow in our region and Paul has shown to be an impressive leader in the sector. We're excited to see their continued progress and momentum."
About Myoptechs
Myoptechs, a spin-out of the SANNT eye care technology accelerator, is a privately held, pediatric ophthalmic medical device company, dedicated to reducing the short-and long-term vision implications of chronic, progressive myopia with breakthrough, class-leading optical design.
Learn more about Myoptechs by visiting: https://www.myoptechs.com
Forward-Looking Statements
This press release may contain information that might be considered forward-looking statements. These statements may include those about lens design, expected performance, regulatory approval, launch timing, and market demand. Such forward-looking statements are not a guarantee of future product or company performance. The statements in this press release have not been evaluated by the FDA and products made by Myoptechs are not currently available for purchase or use in the United States.
1 World Health Organization. The impact of myopia and high myopia. World Health Organization; 2015.
2 Haarman, A.E.G., et al., The Complications of Myopia: A Review and Meta-Analysis. Investigative Ophthalmology & Visual Science April 2020, Vol.61, 49.
SOURCE Myoptechs
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