PowerVision completes $30m Series D financing round for FluidVision lens development

17 June 2014 (Last Updated June 17th, 2014 18:30)

US-based medical device company PowerVision has announced the completion of a $30m Series D financing round to fund development of its FluidVision accommodating intraocular lens.

US-based medical device company PowerVision has announced the completion of a $30m Series D financing round to fund development of its FluidVision accommodating intraocular lens.

In the Series D financing round, new investors Aisling Capital and Correlation Venture Partners, as well as existing investor, Venrock, added $10m to the $20m closing earlier 2014 from PowerVision's existing investors.

PowerVision will use the proceeds of the funding to complete patient enrolment in the ongoing CE Mark study of the FluidVision accommodating intraocular lens.

"Current treatment methods fall short, and most patients must still rely on reading glasses or other corrective lenses to see both near and far."

Patient enrolment is expected to be completed by the end of this year, while receipt of the CE Mark approval and subsequent launch of the US pivotal study coming in 2015.

The company's major investors now include Aisling Capital, Correlation Ventures, Advanced Technology Ventures, Frazier Healthcare, Venrock, Johnson & Johnson Development, and Medtronic.

PowerVision has developed the FluidVision lens to permanently restore clear vision at all distances for patients affected by presbyopia or cataracts.

FluidVision lenses provide mimic the eye's natural accommodative process to change shape and adjust focus the way that young, healthy eyes do.

PowerVision president, CEO and co-founder Barry Cheskin said: "Current treatment methods fall short, and most patients must still rely on reading glasses or other corrective lenses to see both near and far.

"The FluidVision lens would eliminate that need, and could provide a new option for millions of people with these conditions."