WAVRE, Belgium — 12 April 2016 :
iSTAR Medical SA, a private medical device company developing novel ophthalmic implants for the treatment of glaucoma, announced today the closing of a €10 million Series B equity financing. Existing shareholders including Capricorn Venture Partners and Walloon Region Investment Fund (SRIW) contributed to the round, which was joined by new investors Belgian Federal Investment Fund (SFPI‐FPIM), Fond Européen des Matériaux, Start‐Up and several private investors.
Glaucoma is the second leading cause of blindness globally according to the World Health Organisation, affecting over 80 million people. About 2.5 million people worldwide are blind due to glaucoma. Micro‐invasive glaucoma surgery (MIGS) is the most promising and fastest‐growing therapeutic option in the treatment of glaucoma.
Based on its innovative, proprietary STAR® material, iSTAR Medical is developing a pipeline of devices to treat glaucoma. The STAR material enhances bio‐integration, fluid drainage and conformability to patient anatomy with substantial clinical benefits and an improved patient experience. STARflo, the company’s first generation device, has had highly positive feedback from key opinion‐leading physicians involved in clinical trials to date. Leveraging its experience and expertise, iSTAR Medical is developing MINIject, a MIGS device designed to deliver enhanced ease of use and improved long‐term outcomes compared with other MIGS solutions. The Series B proceeds will support the completion of MINIject product development and fund its European CE‐Marking clinical study.
iSTAR Medical’s MINIject is designed to significantly reduce intra‐ocular pressure (IOP) by enhancing aqueous humour outflow from the anterior chamber to the suprachoroidal space. Implantation is swift and predictable using an injecting mechanism in a single‐step procedure. MINIject’s STAR material is made of soft and flexible medical‐grade silicone which conforms to the eye anatomy. Its porous geometry promotes bio‐integration of surrounding tissue into the material to increase drainage efficacy over time. Anti‐fibrotic properties minimise scarring and increase implant durability. MINIject provides a safe, effective and sustainable solution which optimises the natural drainage pathway.