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EyeTechCare raises EUR10m in a third round of funding

French company EyeTechCare has secured a third round of funding amounting to EUR10m.

Bernard Chauvin, a private investor, has taken an equity stake in the company alongside the two of the existing investors which also contributed to this round of funding: the capital investment company Omnes Capital (formerly Crédit Agricole Private Equity) and the Lyon-based insurer SHAM.

Since its last round of funding in 2010, EyeTechCare has completed the EyeMUST 1 trial, which tested the EyeOP1 device on around 60 glaucoma patients in nine centres in France. In May 2011, EyeTechCare obtained the CE mark, allowing the company to start the marketing, sales and distribution activities required to bring EyeOP1 to market. The device has been introduced gradually to the European market since the end of 2012 and a number of European distribution agreements have been signed. The focus of EyeTechCare’s clinical activity is the EyeMUST 2 trial, which was launched in the second quarter of 2012 and involves ten international centres and 120 patients.

EyeTechCare plans to use the funds raised to complete its EyeMUST 2 international trial, with results due to be published in 2014. The company will also be able to fund the initial steps required by the FDA registration process. It plans to notify the FDA before the end of 2013 of its intention to bring the device to market.

“The simplicity of EyeOP1 comes from an uncomplicated yet brilliant idea: the use of ultrasound to treat glaucoma. Beyond the complex technical constraints, which have been incredibly well managed, there is a team with the desire to achieve their dream of helping patients,” says Chauvin. “Quite simply, the results are there. I am proud to be associated with what is real therapeutic progress, particularly as it fits so well with my vocation as a doctor and an entrepreneur.”

“We’ve been excited by EyeTechCare’s market positioning right from the start. The arrival of this new investor will support the growth of the business,” says Alexia Perouse, co-head of venture capital activity at Omnes Capital. “The company’s prospects for development are very encouraging and the team in place has always been able to meet its self-imposed deadlines.”

“We’re truly honoured to have the support of Bernard Chauvin, a renowned authority in the field of ophthalmology,” says Fabrice Romano, chief executive of EyeTechCare. “It’s a real acknowledgement for EyeTechCare and our EyeOP1 product. This funding means that we can consolidate our presence on the European market and prepare for entry into the US market.”

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