ReVision Optics, Inc. (RVO), an ophthalmic surgical products company, recently received $35 million in capital funding. The Lake Forest, Calif.-based firm specializes in the research, development and manufacturing of custom products to correct and maintain near vision.
The financing was led by ProQuest Investments, a venture capital firm with locations in San Diego, Calif., Montreal, Canada and Princeton, N.J. Returning investors include Domain Associates of San Diego, Calif., and Princeton, N.J., Canaan Partners of Westport, Conn., and Menlo Park, Calif., and InterWest Partners of Dallas, Texas, and Menlo Park, Calif.
This spring RVO began US clinical trials of its PresbyLens® corneal inlay. This in-depth trial will evaluate the PresbyLens® corneal inlay for the correction of presbyopia by studying 400 patients over a two-year period.
It is estimated that more than 73 million adults currently have presbyopia in the US. Presbyopia is a common vision condition that affects all adults as they age. Typically, adults in their mid 40s begin to experience presbyopic symptoms as the natural lens of the eye loses its flexibility and ability to focus on near objects. Adults with good distance vision may begin to notice they now have a hard time reading things close up like newspapers, menus or computer screens.
RVO's PresbyLens® has the ability to reshape the eye's cornea and improve the patient's reading or near vision. The 2mm microlens was developed using a proprietary, biocompatible material similar to the material used in today's soft contact lenses.
"We are pleased to welcome ProQuest Investments as one of our venture capital partners along with our existing investors as we begin our clinical trials here in the United States and debut the procedure in the European marketplace. It is encouraging and exciting to have this support from all of our investors as we continue to research and develop a solution for the common aging eye condition of presbyopia," said J. Randy Alexander, President and CEO of ReVision Optics.