|VisionCare secured up to $15 million to market its eye implant.--Courtesy of VisionCare|
With FDA approval in the bag and permanent reimbursement on the horizon, California's VisionCare is looking to expand the market of its age-related macular degeneration (AMD) implant, locking in up to $15 million in debt financing.
The cash, provided by Life Sciences Alternative Funding, will help VisionCare push its Implantable Miniature Telescope, the only device FDA approved for end-stage AMD. The smaller-than-a-pea implant is inserted into one eye in an outpatient procedure, improving vision in patients with severe to profound impairment, the company said.
All this comes as VisionCare verges on securing permanent reimbursement from the Centers for Medicare and Medicaid Services. The telescope has been reimbursed by a transitional pass-through payment code since its launch in 2011, but CMS has proposed adding the implant to a permanent classification, which, if approved, would take effect Jan. 1.
Now, with Life Science Alternative Funding's support and mounting successes in reimbursement, VisionCare is poised to expand the adoption of its implant and grow its revenue, CEO Allen Hill said.
"This funding will help VisionCare drive continued adoption of this vision-improving procedure and provide life-changing therapy to end-stage AMD patients," Hill said in a statement. "Along with the recent positive developments in reimbursement and the enthusiastic reception for the technology from the ophthalmic physician community, VisionCare is well-positioned to accelerate growth."
VisionCare is an alum of Rainbow Medical, an Israeli launching pad for medical device companies based on the inventions of entrepreneur Yossi Gross.
- read the announcement