iStar Medical raised a €10 million ($11.4 million) Series B round to fund a study to support a CE mark for its latest product. Its MiniJect is an injected implant that is designed to reduce intraocular pressure in glaucoma patients by improving aqueous humor outflow from the anterior chamber to the suprachoroidal space.
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| StarFlo glaucoma implant--Courtesy of iStar Medical |
The Wavre, Belgium-based company already markets first-gen device StarFlo. Both devices are based on the company's Star biomaterial, which is made of medical-grade silicone. It's intended to easily conform to the shape of the eye and to minimize scarring and increase durability because of its anti-fibrotic properties. The implants are designed to be integrated into the surrounding tissue and to increase drainage efficacy over time.
"This new funding milestone will enable the next major step for iStar to finalize clinical development and commercialization of a next-generation, micro-invasive glaucoma surgery device," said iStar board chairman Michel Lussier in a statement. "MiniJect offers the potential of an efficacious treatment for a disease that is a major cause of blindness globally."
The financing was backed by existing investors including Capricorn Venture Partners and Walloon Region Investment Fund. New investors Belgian Federal Investment Fund, Fond Européen des Matériaux and undisclosed private investors also joined the round.
First-gen implant StarFlo received a CE mark in May 2012. Both StarFlo and MiniJect are intended to lower intraocular pressure, thereby reducing a major risk factor for glaucoma. Early detection and treatment of glaucoma can prevent the serious vision loss, or even blindness, that can result from the disease.
"MiniJect represents a significant achievement in our company's history," concluded iStar CEO Michel Vanbrabrant. "It leverages our clinical experience with the Star biomaterial, combined with the insights of international scientific experts who helped us to develop this micro-invasive solution, and has the potential to become best in class."
- here's the release (PDF)