Proceeds to Support Advancement of STARfloTM Glaucoma Implant
Isnes, Belgium (November 21, 2013) – iSTAR Medical SA, a privately held ophthalmic device company and first spinout of Healionics Corporation, today announced it has raised EUR 4.0 million from institutional investors in a Series A financing. The financing was coled by Capricorn Health-Tech Fund NV (CHF) and Société Régionale d’Investissement de Wallonie (SRIW), and included participation from Financière 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 STARfloTM, an innovative ophthalmic implant for glaucoma, including plans for regulatory submission and clearance in the United States. Funds will also be used to support iSTAR’s current R&D product pipeline.
The company also appointed Dr. Ekaterina Smirnyagina, Partner CHF, Philippe Degive, Investment Manager SRIW, and Dr. Max Maginness, President of Healionics, to its Board of Directors.
“This funding is a solid validation of the STAR® biomaterial technology platform and the dedicated team that introduced our first product, STARflo, to the glaucoma community,” said Michel Alvarez, iSTAR founder, CEO and Director, “I look forward to advancing iSTAR together with our new finance partners and strong board members as we bring promising new options to glaucoma surgeons and their patients.”
“We were impressed by the rapid progress the dynamic team of iSTAR has made in the last year,” said Dr. Smirnyagina, “We look forward to working together in addressing significant unmet needs in ophthalmology.”
“We are delighted to welcome iSTAR in our investment portfolio in the medtech and life sciences sector,” said Mr. Degive, “We wish great success to this young and extremely dynamic company.”
About Glaucoma and STARfloTM
Glaucoma is the leading cause of irreversible blindness worldwide. By 2020, it is estimated that 80 million people worldwide will have the disease. Elevated intraocular pressure is considered a major risk factor for Glaucoma and its progression. 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 (IOP) 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.