Ophthalmic surgical device company MID Labs gets $51M

The 33-year-old private vitreoretinal surgical tools company MID Labs received a $51 million cash infusion to broaden its product lines and increase its global commercialization capabilities. The financing is led by OrbiMed and Frontline BioVentures and also includes Softbank China Venture Capital (SBCVC) and Sungent BioVenture. MID Labs was first founded in 1981 by Dr. Carl Wang, who created the first complete system for posterior vitrectomy, according to the company. Vitreous is the viscous substance that fills the eye and a vitrectomy is the removal of it. Wang sold all the assets of MID Labs to Alcon in 1985 for an undisclosed sum. He then restarted MID Labs in 1991. MID markets at least 5 products including vitreous cutter systems and cutters. "MID Labs is well positioned to leverage its technology leadership in vitrectors and broaden its product lines and commercialization capabilities on a global basis," MID Labs CEO Dr. Kai Chen said in a statement. "In addition, we plan to use some of the proceeds from this financing to expand our development and production capacity both in the US and China." Release

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