iSTAR Raises Funds To Support Clinical Development Of STARflo
iSTAR Medical, the first spinout of Healionics, has raised EUR4.0mn from institutional investors in a series A financing, which was co-led by Capricorn Health-Tech Fund (CHF) and Societe Regionale d'Investissement de Wallonie (SRIW), and included participation from FinanciÃ¨re Spin-off Luxembourgeoise (INVESTSUD Group) and Namur Invest-Preface. The funds will be used primarily to support further clinical studies of iSTAR's lead product STARflo, an ophthalmic implant for glaucoma, including plans for regulatory submission and clearance in the US. Funds will also be used to support iSTAR's current R&D product pipeline. In addition, the company appointed Dr Ekaterina Smirnyagina, Partner CHF, Philippe Degive, Investment Manager SRIW, and Dr Max Maginness, President of Healionics, to its Board of Directors.
STARflo is a non-degradable, precision-pore implant made from STAR biomaterial. It is designed to operate as a bleb-free, microporous drainage system to reduce intraocular pressure in patients suffering from open angle glaucoma by augmenting the eye's natural uveoscleral outflow. STARflo received CE mark approval in 2012 and is currently available through distributors in select countries.