Implantable lens developer PowerVision has raised $20m in Series D capital from existing investors.
The round, which came two years after the comapny’s $33m Series C, was backed by Venrock, Johnson & Johnson Development Corp, Medtronic, Advanced Technology Ventures, Lexington Capital and Frazier Healthcare Ventures.
PowerVision said in plans to raise an additional $10m as part of the Series D round.
It said that the market for intraocular lens (IOL) is growing with the number of procedures in the US alone exceeding three million annually and patients who receive IOL lose their ability to dynamically adjust focus to see at near and far as well as points in between.
The company’s fluid-controlled accommodating intraocular lens technology uses fluid inside its lens and muscle forces in the eye to create a shape change in the lens, restoring accommodative ability.
PowerVision co-founder and CEO Barry Cheskin said, “We plan to invest the funds raised from this financing in advancing the growing body of clinical validation for our revolutionary FluidVision intraocular lens, including completing the study that should enable us to obtain the CE Mark in Europe next year.
“We plan to build on the positive results achieved in our pilot study which showed our FluidVision lens restored accommodative functionality in 20 patients who received the lens during cataract surgery.”
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