Proceeds to Support Advancement of STARfloTM Glaucoma Implant
ISNES, Belgium, Nov. 21, 2013 /CNW/ - 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 co-led by Capricorn Health-Tech Fund NV (CHF) and Societe Regionale 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 STARflo™, 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 STARflo™
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.
About iSTAR Medical
iSTAR Medical SA is a Belgian ophthalmic device company and first spinout of Healionics Corporation. Its mission is to improve the lives of patients suffering from eye diseases and disorders. iSTAR's initial focus is to develop ophthalmic implants made from STAR® Biomaterial for treating glaucoma.
About Our New Investors
Capricorn Venture Partners is an independent manager of venture capital and equity funds, investing in innovative companies with technology as competitive advantage. It is based in Leuven, Belgium and licensed by the FSMA (the Financial Services and Markets Authority in Belgium). www.capricorn.be
The SRIW Group is a key player at the heart of the economy of Wallonia. SRIW (Société Régionale d'Investissement de Wallonie) provides finance within and outside Belgium for businesses undertaking industrial projects or providing services that generate added value. For the last 30 years, the company has in this way been facilitating the region's economic development, contributing effectively and in real terms to the modernization, growth and restructuring of the businesses that make up our industrial fabric. www.sriw.be
Financière Spin-off Luxembourgeoise
The Financière Spin-Off Luxembourgeoise is part of the INVESTSUD Group, a venture capital firm based in Wallonia dedicated to accompanying small and medium-sized companies with equity or quasi-equity funds. The Financière Spin-off Luxembourgeoise is specialized in seed and early-stage investments in technology start-ups.
Namur Invest - Preface
Namur Invest supports formation and development of SMEs in the Province of Namur. More than 150 companies have benefited from the partnership provided by Namur Invest and its subsidiaries. www.namurinvest.be
SOURCE: iSTAR Medical
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