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Domain Associates and Rusnano back ReVision Optics’ $55m round

29 Jul 2013

life science test tube_sqVenture capital firm Domain Associates said its portfolio ReVision Optics has raised $55m in a funding round which was backed by its partner Rusnano.

Both Domain and Rusnano participated in the round alongside other investors. This is the the Russian state-backed investor’s fifth investment in a Domain-backed company under its $760m partnership agreement with the firm.

ReVision is a southern California-based firm developing Raindrop, an inlay for presbyopic vision correction in Phase III trials.

Under the partnership deal announced a year ago, Rusnano has agreed to invest along with Domain and Domain portfolio investor syndicates.

The partnership also facilitates transfer of technology into Russia and establishes manufacturing facilities in Russia for production of advanced therapeutic products.

Domain partner Brian Dovey said, “In our first year of working together Domain, Rusnano, and other investors have teamed up to invest in five companies that are developing advanced treatments for ailments as diverse as foot ulcers, epilepsy and near vision loss.

“Put simply, this investment partnership is delivering results – for Domain, our portfolio companies and our partners in Russia.”

Four of Domain’s portfolio companies, CoDa Therapeutics, Marinus Pharmaceuticals, Lithera and Regado Biosciences, received funding from Rusnano last year.

The two firms are also building a manufacturing company, NovaMedica, which will produce and market next-generation pharmaceuticals in Russia.

NovaMedica is currently seeking to license rights to health sciences technologies outside the Domain portfolio that have application for the Russian market.

Earlier this year Domain teamed up with Chinese consultancy Elite Consulting to help Western life science companies enter the Chinese market.

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