PowerVision closes first tranche of Series D funding

PowerVision, Inc., a private company developing an accommodating intraocular lens, today announced the closing of the first tranche of its Series D funding round with participation from existing investors Venrock, Johnson & Johnson Development Corp., Medtronic, Advanced Technology Ventures, Lexington Capital and Frazier Healthcare Ventures.  The Company noted that it plans to raise up to an additional $10 million as part of this same financing round.  "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," said PowerVision's President and CEO and Co-Founder, Barry Cheskin.

While the market for intraocular lens (IOL) implants continues to grow, exceeding three million procedures annually in the United States alone, patients who receive a conventional IOL all lose their ability to accommodate – to dynamically adjust focus to see at near and far as well as points in between. PowerVision's novel fluid-controlled accommodating intraocular lens technology uses fluid inside its lens in combination with natural muscle forces in the eye to create a shape change in the lens, restoring accommodative ability. The Company has proven in recent clinical trials that it can deliver excellent near, intermediate and distance vision with its new fully injectable accommodating device.  This is an unprecedented achievement, making it the first "true" accommodating IOL.  PowerVision's products are not yet approved or cleared for sale.