VisionCare Ophthalmic Technologies Completes Financing - Proceeds to Accelerate Market Uptake of its Advanced Age-Related Macular Degeneration Therapy
Fourth Quarter Milestone Achievements Increase Customer Base, Spur Sales and Marketing Expansion
SARATOGA, Calif., Dec. 16, 2014 /PRNewswire/ -- VisionCare Ophthalmic Technologies ("VisionCare"), the developer, manufacturer and marketer of the Implantable Miniature Telescope ("IMT" by Dr. Isaac Lipshitz), the only FDA-approved surgical device for end-stage Age-Related Macular Degeneration ("AMD"), announced that it has completed an important venture-backed financing. Proceeds from the financing will be utilized to double its sales team, expand marketing activities and accelerate market uptake of commercialization of the telescope implant and its unique treatment program for end-stage AMD, CentraSight. Both current and new investors participated in the financing.
"We are excited about the recent regulatory approval expanding availability of our telescope to a wider patient population," said Allen Hill, CEO of VisionCare. "Also, effective January 1, surgeons will be able to provide their patients access the ambulatory surgical centers, where more than 75% of ophthalmic surgeries are conducted. These are important developments and this financing provides the working capital needed to quickly double our sales team, expand our marketing programs and accelerate market adoption."
This October, the company announced that the U.S. Food and Drug Administration approved its PMA 180-day supplement application of the telescope implant for use in patients living with bilateral end-stage age-related macular degeneration who are as young as age 65. The telescope implant was previously approved by the FDA for patients greater than or equal to 75 years of age.
VisionCare also announced in November that the Centers for Medicare and Medicaid Services (CMS) will reimburse the telescope implant under a revised Ambulatory Payment Classification designation, APC 0351, Level V Intraocular Procedures as noted in the CMS' CY 2015 Hospital Outpatient Prospective Payment System (OPPS) and Ambulatory Surgery Center (ASC) Payment System final rule. When the new designation for APC 0351 code takes effect on January 1, 2015, reimbursement payment levels will increase overall and ASC payment levels will be comparable to those paid to hospital outpatient departments. Previously, the outpatient surgical procedure for telescope implantation has been restricted to hospitals.
About CentraSight and the Telescope Implant
The telescope implant is the integral component of VisionCare's comprehensive treatment program, CentraSight®, which helps patients follow the steps necessary for proper diagnosis, surgical evaluation, implantation and postoperative care. Full prescribing information, including indications, contraindications, risks and benefits associated with the telescope implant can be found at www.CentraSight.com. Studies show that telescope implantation in individuals with bilateral end-stage AMD significantly improves vision and quality of life and is also cost-effective.
The Implantable Miniature Telescope (by Dr. Isaac Lipshitz) is indicated for monocular implantation to improve vision in patients greater than or equal to 65 years of age with stable severe to profound vision impairment (best-corrected distance visual acuity 20/160 to 20/800) caused by bilateral central scotomas (blind areas) associated with end-stage AMD. This level of visual impairment constitutes statutory (legal) blindness. Smaller than a pea, the telescope is implanted in one eye in an outpatient surgical procedure. In the implanted eye, the device renders enlarged central vision images over a wide area of the retina to improve central vision, while the non-operated eye provides peripheral vision for mobility and orientation. The telescope implant is the only FDA approved surgical device for end-stage AMD.
Patients and physicians can learn more about the telescope implant by visiting www.CentraSight.com or calling 1-877-99-SIGHT.
About AMD
AMD is the leading cause of vision loss in Americans aged 60 and older, affecting an estimated 15 million people. Of those, 2 million Americans are living with end-stage AMD and that number is expected to increase as the Baby Boomer cohort ages.
About VisionCare Ophthalmic Technologies
VisionCare Ophthalmic Technologies, Inc., headquartered in Saratoga, CA, is a privately-held company. The Company and its ISO 13485 certified and FDA registered manufacturing and R&D facility are focused on development, manufacturing, and marketing of implantable ophthalmic devices and technologies that are intended to improve vision and quality of life for individuals with end-stage age-related macular degeneration. VisionCare's Implantable Miniature Telescope was invented by company founders Yossi Gross and Isaac Lipshitz. Information on VisionCare can be found at www.visioncareinc.net.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/visioncare-ophthalmic-technologies-completes-financing--proceeds-to-accelerate-market-uptake-of-its-advanced-age-related-macular-degeneration-therapy-300010208.html
SOURCE VisionCare Ophthalmic Technologies, Inc.
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