EyeTechCare raises funds to complete EyeMUST II trial/begin FDA registration process
EyeTechCare has secured a third round of funding amounting to EUR 10 million. Bernard Chauvin, a private investor, took an equity stake in the company alongside two existing investors who also contributed to this round of funding: Omnes Capital (formerly Credit Agricole Private Equity) and SHAM.
Since its last round of funding in 2010, EyeTechCare has completed the EyeMUST I trial, which tested its EyeOP1 device on around 60 glaucoma patients in nine centres in France. In May 2011, EyeTechCare obtained the CE mark, allowing the company to start the marketing, sales and distribution activities for EyeOP1 in the EU. The device has been introduced gradually to the European market since the end of 2012 and a number of European distribution agreements have been signed. The focus of EyeTechCare's clinical activity is the EyeMUST II international trial, which was launched in the second quarter of 2012 and involves ten international centres and 120 patients.
EyeTechCare plans to use the funds raised to complete EyeMUST II trial, with results due to be published in 2014. The company will also be able to fund the initial steps required by the FDA registration process. It plans to notify the FDA before the end of 2013 of its intention to bring the device to market. The funding will help the company to consolidate its presence in the European market and prepare for entry into the US market.
EyeOP1 employs the UC3 (ultrasound circular cyclo-coagulation) procedure, which makes it possible to reduce intraocular pressure by partially and accurately destroying the ciliary bodies that produce aqueous humour.