iSTAR Medical, a Belgium-based medical device company that develops ophthalmic implants for the treatment of glaucoma, has completed a €40m (£35.8m) Series C financing.
Healthcare specialist funds LSP and Gimv led the financing round, in which Earlybird and BNP Paribas Fortis Private Equity, as well as existing shareholders, including Capricorn Partners, Walloon Region Investment Fund (SRIW) and Belgian Federal Investment Fund (SFPI‐FPIM) participated.
The company will use the financing to support the development of MINIject device for commercialisation in Europe and the US.
The company said that micro-invasive glaucoma surgery (MIGS) is the most promising and fastest-growing therapeutic option in the treatment of glaucoma, the second leading cause of adult blindness globally affecting more than 92 million people.
MINIject device from iSTAR Medical provides a reliable solution to safely reduce IOP
MINIject, an ab-interno MIGS device, provides a reliable solution to safely reduce intraocular pressure (IOP) by increasing aqueous humour outflow from the anterior chamber to the supraciliary space.
Unlike other technologies, MINIject uses the STAR material, a soft and flexible, medical-grade silicone that features a micro-porous, multi-channel geometry.
The STAR material has anti-fibrotic properties, which minimise scarring and maintain implant performance, improving long-term outcomes compared with other MIGS solutions.
First-in-human STAR-I trial for the MINIject device has confirmed the safety and effectiveness in achieving significant IOP reduction and easing medication burden in glaucoma patients.
iSTAR Medical board of directors chairman Michel Lussier said: “We are delighted to welcome LSP, Gimv, Earlybird and BNP Paribas Fortis Private Equity to iSTAR Medical, and I would like to thank our existing investors for their continued support.
“This renowned investor syndicate has a track record of supporting successful, innovative companies and is a strong endorsement of our world-leading technology for glaucoma sufferers.”
Anne Portwich (LSP), Bram Vanparys (Gimv) and Lionel Carnot (Earlybird) will join the board of directors at iSTAR Medical.
iSTAR Medical CEO Michel Vanbrabant said: “iSTAR Medical is setting new frontiers in MIGS treatment of glaucoma. The positive results achieved at 18-month follow-up of our first-in-human trial validates the potential of MINIject in the supraciliary space as the next therapeutic option for glaucoma patients.
“This financing is a significant milestone for the company and will support the development and commercial launch of MINIject.”
