WAVRE, Belgium — 5 September 2019: iSTAR Medical SA, a private medical device company developing novel ophthalmic implants for the treatment of glaucoma, today announced the completion of a €40m Series C financing. The financing was led by healthcare specialist funds LSP and Gimv, with participation by Earlybird and BNP Paribas Fortis Private Equity. Existing shareholders including Capricorn Partners, Walloon Region Investment Fund (SRIW) and Belgian Federal Investment Fund (SFPI‐FPIM) also participated. This financing will support the development of iSTAR Medical’s MINIjectTM device along the path to commercialisation in Europe and the United States.
Glaucoma is the second leading cause of adult blindness globally affecting more than 92 million people. Micro-invasive glaucoma surgery (MIGS) is the most promising and fastest-growing therapeutic option in the treatment of glaucoma.
MINIject, an ab-interno MIGS device, provides a powerful and reliable solution to safely reduce intraocular pressure (IOP) by enhancing aqueous humour outflow from the anterior chamber to the supraciliary space, and has been designed to be a best-in-class MIGS device. Unlike other technologies, MINIject uses the innovative STAR® material, a soft and flexible, medical-grade silicone with a micro-porous, multi-channel geometry.
Data from the first-in-human STAR-I trial for the MINIject device in a standalone setting confirm that MINIject is safe and highly effective in achieving significant IOP reduction, as well as easing medication burden in glaucoma patients.
In conjunction with the financing, Anne Portwich (LSP), Bram Vanparys (Gimv), and Lionel Carnot (Earlybird) will be joining the Board of Directors at iSTAR Medical.
Early six-month results of MINIject in the STAR-I trial were published online in June 2019 in Ophthalmology-Glaucoma, the journal of the American Glaucoma Society (AGS). The 18-month results of MINIject will be presented in detail on Friday, 13 September 2019, during Glaucoma Day at the ESCRS congress in Paris, France.
 By 2023, 1.0 million MIGS units will be sold annually, producing revenues of $1.1 billion, a CAGR of over 33% in revenues. Market Scope 2018 Glaucoma Surgical Device Report.