Sight Sciences Announces Substantial Crossover Raise
Funds will be used to continue clinical and commercial acceleration
MENLO PARK, Calif., Dec. 1, 2020 /PRNewswire/ -- Sight Sciences, Inc., a growth-stage medical device company transforming the two fastest growing segments in ophthalmology and optometry, glaucoma and dry eye disease, today announced the closing of its Series F Preferred Stock financing led by D1 Capital Partners and new equity partner Janus Henderson Investors. The raise also includes a refinancing and upsizing of the company's senior credit facility with MidCap Financial. Proceeds from the financings will be used to continue clinical development and accelerate the commercial expansion of Sight Sciences' OMNI® and TearCare® products.
"Since making our initial investment in Sight Sciences in March 2020, we have been impressed by the company's continued growth and outstanding commercial and clinical execution through the unique challenges posed by the COVID-19 pandemic," said James Rogers, analyst at D1 Capital Partners. "We are very much aligned with Sight Sciences' mission to provide better outcomes for patients and further empower the clinical community in the areas of glaucoma, dry eye disease and beyond. We are excited to make a substantial incremental investment alongside Janus and MidCap to support the company's growth plans."
"We are extremely excited about the continued partnership with D1 and MidCap and to welcome an incredibly sophisticated healthcare investor like Janus to our shareholder base," said Paul Badawi, founder and Chief Executive Officer of Sight Sciences. "This funding further validates the substantial progress we have made in our mission to transform the care for patients suffering from the world's most prevalent eye diseases. The additional capital will allow us to continue executing on our highly robust clinical roadmap that we intend to lead to additional FDA submissions for the indication expansion of existing products as well as the clearance or approval of new products. On a solid foundation of robust clinical data, we're looking forward to building the standalone MIGS space with OMNI and the procedure-based dry eye space with TearCare."
OMNI is the first and only device that provides surgeons with micro-invasive access to all 360-degrees of the diseased conventional outflow pathway in glaucoma with a single clear corneal incision. It is rapidly gaining adoption by practitioners worldwide. TearCare is the only wearable, personalized, open-eye technology that delivers regulated, localized heat to the eyelids in patients with meibomian gland dysfunction.
"This has been a period of extraordinary progress for our business," said Jesse Selnick, Chief Financial Officer of Sight Sciences. "Our third quarter 2020 U.S. OMNI unit volumes grew 42% year-over-year, and in October our number of monthly OMNI ordering facilities was 33% higher than pre-COVID highs. With further penetration into the standalone MIGS market, and the continued establishment of a robust clinical library across both products, we believe we are well positioned for continued long term growth and success."
About Sight Sciences
Founded in 2011, Sight Sciences develops and commercializes intelligently designed and engineered products that target the underlying causes of the world's most prevalent eye diseases. The company's surgical glaucoma product portfolio features the OMNI® Surgical System, a dually-indicated device that facilitates the performance of both trabeculotomy and viscoelastic delivery.
The company's product portfolio also includes TearCare® for ophthalmologists and optometrists. TearCare is a software-controlled, wearable eyelid technology that delivers highly targeted and adjustable heat to the meibomian glands of the eyelids. TearCare's innovative, "equipment-light" product design and the intuitive procedure it facilitates create a highly attractive clinical and economic model for eye care providers.
OMNI® and TearCare® are registered trademarks of Sight Sciences.
© 2020 Sight Sciences. All rights reserved.
About D1 Capital
D1 Capital Partners is a global investment firm that operates across public and private markets. The firm combines the talent and operational excellence of a large, premier asset management firm with the flexible mandate and long-term time horizon of a family office. Founded in 2018 by Daniel Sundheim, D1 focuses on investing in the global internet, technology, telecom, media, consumer, healthcare, financial, industrial, and real estate sectors.
About Janus Henderson Investors
Janus Henderson Investors exists to help clients achieve their long-term financial goals. Its active management offers clients the opportunity to outperform passive portfolios over the course of market cycles. With more than 360 investment professionals, Janus Henderson Investors provides access to some of the industry's most talented and innovative thinkers, spanning equities, fixed income, multi-asset and alternatives, globally. Its investment teams blend insight, originality and precision with rigorous analysis, structured processes and robust risk management. Janus Henderson Investors builds client partnerships on openness and trust, channeling expertise from across the business and communicating the views of our experts in a timely and relevant way.
About MidCap Financial
MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. MidCap Financial provides management or other services with respect to over $27 billion of commitments as of September, 2020 of which $3.9 billion are managed by MidCap Financial Services Capital Management LLC, a registered investment adviser. MidCap Financial provides a broad array of products intended to finance growth and manage working capital. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc., pursuant to an investment management agreement. Apollo Global Management, Inc. is one of the world's largest asset managers with approximately $414 billion of assets under management (as of June 30, 2020), providing market leading industry expertise, market reach, and financing synergies. Loans to CA residents issued under California Financing Law License No. 60DBO 45424, 60DBO 45427, 60DBO 45431, 60DBO 45435, 60DBO 45439, 60DBO 49531 or 603I389.
Media contact:
Shay Smith
Health+Commerce
707.971.9779
[email protected]
Investor contact:
Lynn Lewis
415-937-5402
[email protected]
SOURCE Sight Sciences, Inc.
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