|The Hydrus Microstent, an "intracanalicular scaffold" for the treatment of primary open angle glaucoma--Courtesy of Ivantis|
In one of the largest medical device venture rounds this year, eye care company Ivantis today announced that it has raised an additional $25 million in its Series B financing, taking the total to $71 million for the developer of a tiny intracanalicular scaffold for glaucoma patients.
New investor Foresite Capital joined the round, along with existing investors New Enterprise Associates, Delphi Ventures, Ascension Ventures, Vertex Ventures and others.
The company's eyelash-sized Hydrus Microstent in installed in a minimally invasive procedure and lowers eye pressure by creating an opening in and dilating the eye, according to the release. The funding will be used to finance an ongoing U.S. pivotal trial for the treatment of glaucoma in patients undergoing cataract surgery. It is already used in glaucoma surgery and stand alone cataract surgery abroad.
"We are bullish on the demographics of the MIGS (minimally invasive glaucoma surgery space), as well as the opportunity MIGS provides in allowing comprehensive ophthalmic surgeons to further enhance their practices. We believe Ivantis is developing an unprecedented body of Level 1 Clinical trials to validate the technology, and that sound clinical data will carry the day in this space," said Foresite Capital CEO Jim Tananbaum, in a release.
According to ClincialTrials.gov, Ivantis is recruiting patients in two Hydrus Microstent clinical trials with the primary endpoint regarding intraocular pressure due in 2015 and 2016.
Ivantis says that 20% of the 3.5 million annual U.S. patients who receive cataract surgery have glaucoma, and that compliance with eye drops is as low as 50% after one year.
Meanwhile, Minerva Surgical has just raised $25 million in support of its ablation device to treat abnormal heavy menstrual bleeding (menorrhagia), according to an SEC filing. The Silicon Valley company is in the middle of a comparative clinical trial of the efficacy of its Aurora Endometrial Ablation System, with the primary outcome measure (the reduction in menstrual bleeding) due in November 2014.
MedCity News says that the company has raised $80 million in equity funding since its launch in 2008.