RVO announced receipt of U.S. Food and Drug Administration (FDA) approval for its Raindrop® Near Vision Inlay for the surgical correction of presbyopia on June 29, 2016. Proceeds from the credit facility will be used for working capital purposes including commercial operations.
“We are delighted to secure this credit facility with Square 1 Bank,” said John Kilcoyne, RVO President and Chief Executive Officer. “This is clearly a very exciting time at RVO as we build our commercial infrastructure in preparation for the U.S. launch of the Raindrop Near Vision Inlay late this month.”
Rilus Graham, Senior Vice President in Square 1’s life sciences practice, added, “RVO’s innovative solution for presbyopia has produced excellent post-treatment outcomes and high rates of patient satisfaction. Square 1 is excited to support RVO’s future strategic growth opportunities and commercialization efforts.”
About the Raindrop Near Vision Inlay
The Raindrop Near Vision Inlay is comprised of approximately 80% water and has a refractive index very similar to the cornea. It is placed in the cornea of the non-dominant eye during a 10-minute procedure and is transparent, therefore does not restrict the amount of light reaching the retina. The reshaping of the anterior curvature of the cornea improves near vision.
The Raindrop Near Vision Inlay has received approval by the U.S. Food and Drug Administration, authorization to affix the CE Mark for the European Union, license approval by the Ministry of Food and Drug Safety (South Korea), approval by the Therapeutic Goods Administration (Australia), and registration with the Medicines and Medical Safety Authority (New Zealand). Other country-specific registrations are pending.
