MacuLogix, a specialist in the early detection and tracking of age-related macular degeneration (AMD), has raised USD3.6m in series A funding.
Investors include Berwind Private Equity, Roche Venture Fund, Life Sciences Greenhouse of Central Pennsylvania, and Ben Franklin Technology Partners of Central and Northern Pennsylvania.
The funds will be used to accelerate manufacturing and commercial sales of the MacuLogix’ AdaptDx. The AdaptDx is being developed to be the first practical diagnostic for early detection and tracking of AMD. Based on significant advances in the measurement of dark adaptation, the AdaptDx will provide doctors with an easy-to-use, functional diagnostic similar to routine perimetry testing for glaucoma. Doctors will be able to intervene at the earliest possible time to prevent vision loss and improve quality of life.
"MacuLogix represents a favourable investment opportunity as it addresses a large and growing market for AMD which is the leading cause of adult vision loss and blindness in developed countries," says A Laurence Norton, managing director of Berwind Private Equity. "We understand the AdaptDx has the potential to fundamentally transform the way eye doctors detect and manage AMD for millions of people worldwide."
"Closing our series A round is a very significant achievement for the company," says John G Edwards, chief executive of MacuLogix. "We have completed numerous clinical studies involving more than 1,000 patients with additional studies ongoing, all at major research centres such as Harvard University, the National Eye Institute and University of Alabama at Birmingham. This financing allows us to take the next step."
