RusnanoMedInvest, Domain Associates and Investor Syndicate Back ReVision Optics Vision Correction Technology with $55 Mln Investment
U.S. venture capital firm Domain Associates LLC, RusnanoMedInvest (RMI, a subsidiary of Russian state investment corporation Rusnano) and an investment syndicate has invested $55 million in ReVision Optics, Inc., a Southern California-based company developing an inlay for treatment of presbyopia.
This transaction marks the fifth joint investment under an agreement between Domain and Rusnano announced in March 2012. The agreement calls for the firms to jointly invest $760 million in emerging life sciences technology companies in the Domain portfolio, foster the transfer of technology to Russia, and establish the Russian pharmaceutical and medical device manufacturing facility NovaMedica LLC. In order to execute the agreement Domain established Domain Russia Investments (DRI), Rusnano established RMI, and the partners brought in the management company Team Drive to implement the project.
ReVision Optics focuses on the research and development of innovative optical solutions dedicated to presbyopic vision correction. ReVision’s Raindrop™ Near Vision Inlay offers a unique, patented refractive surgery solution. The inlay is designed to improve the near vision that has been lost by the eye’s natural aging process called presbyopia. This is a new technology in refractive eye surgery whereby a corneal inlay made of a hydrogel is implanted just beneath the surface of the eye. The Raindrop inlay provides an ideally suited surgical option for near and intermediate vision enhancement.
ReVision’s approach harnesses cutting edge technology. The outpatient procedure is completed in a few minutes and near eyesight is quickly recovered within the first several days. The inlay is invisible, easily implanted, minimally invasive and the surgery is reversible.
Revision’s Raindrop is currently in a prospective, multicenter U.S. FDA regulated Phase III clinical trial that is evaluating the safety and effectiveness of the device. Clinical results thus far indicate a significant improvement in near and intermediate vision after the surgery and persistence of results for a long period of time.
Funds raised in this round of investment will be used to complete the U.S. FDA trial, expand ReVision’s commercial efforts outside the US and to undertake clinical trials in Russia, leading to registration and commercialization of the product.
Presbyopia is considered to be a natural part of the aging process and is believed to be caused by the gradual loss of elasticity of the eye’s lens, which decreases the ability to focus up close. The first symptoms typically occur between the ages of 40 and 50.
Domain Russia Investments (DRI) is a subsidiary of Domain Associates, LLC, a leading U.S. venture capital firm that has invest in more than 230 innovative life science companies since 1985. DRI was formed to realize Domain’s partnership in Russia to transfer intellectual property rights and production technologies for
For more information, please visit www.dmi.com.ru
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Team Drive is a project management firm established in 2011 by successful Russian executives Leonid Melamed and Vladimir Gurdus.
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Venture pharmaceutical company RusnanoMedInvest (RMI) is a subsidiary of Rusnano, a Russian state corporation whose mission is to develop the Russian nanotechnology industry through co-investment in projects with substantial economic potential or social benefit. RMI was established in 2012 to realize advanced projects in medicine and pharmaceuticals involving the transfer of intellectual property rights and modern pharmaceutical production technology to Russia.
For more information, please visit www.rmi.com.ru