Ophthalmic startup EyeYon Medical announced today the completion of a $25 million in a Series C funding.

The round was led by CR-CP Life Science Fund, which invests in life science companies that develop drugs, cell therapies, medical devices, and smart healthcare technology.

Other participants in the round include Global Health Sciences (GHS) Fund (Quark Venture LP and GF Securities), BPC and existing investors Triventures, Rimonci, Pontifax and Diamond BioFund. The latest round brings the total amount of capital raised by the company to $36 million.

WHAT IT DOES

EyeYon Medical develops a variety of ophthalmic products for vision-threatening conditions. Its flagship product is an artificial endothelial layer - EndoArt, a synthetic implant, attached to the posterior corneal surface to treat chronic corneal edema secondary to endothelial dysfunction. This enables doctors to treat chronic corneal edema with a minimally invasive surgery without the need for human tissue.

With more than 13 million on the waiting list for corneal transplant, the EndoArt was created in an effort to ease global shortages of corneal donations, helping people who have lost their sight due to corneal edema, regain their vision.

WHAT IT’S FOR

The funding will be used to expand clinical trials of EndoArt, with the aim of receiving regulatory approval in the USA, China and Europe. Clinical trials are currently underway in selected medical centres in Europe and Israel.

MARKET SNAPSHOT

Last year, NovaSight raised $8 million in Series A funding to tackle vision disorders worldwide, by advancing research for eye treatment devices and assisting in the development of future eye care products for myopia control.

Danish-based startup, EYE-GO also launched a medical device for ophthalmic drug administration. The system dispenses the correct dose into the cornea of the eye, ensuring patients with severe and chronic eye conditions can receive the full effect of the ocular medication.

ON THE RECORD

Nahum Ferera, cofounder and CEO of EyeYon Medical, said: “The overwhelming interest in joining our latest funding round reflects the confidence that investors have in our unique and disruptive technology and its tremendous ability to address the clinical challenges and the huge market opportunity in the growing corneal implants market.”

Dr Ofer Daphna, cofounder and inventor of the EndoArt, said: “EndoArt will simplify corneal surgical procedures and can potentially empower any anterior segment surgeon to perform the surgery with a vision to eliminate the worldwide long waiting list for available human donor corneas.”

Da Liu, managing director of CR-CP Life Science Fund said: “CR-CP is pleased to support EyeYon Medical on this innovative and meaningful advancement. We are confident that this will benefit underprivileged patients via affordable yet efficient treatment.”

Richel Liu, CEO of Rimonci, said: “As the earlier stage investor, we continuously feel confident about the company’s promising solution. We also believe that leveraging NMPA Innovation channel approval will facilitate the EndoArt® clinical penetration in China and make a contribution to eliminate China cornea blindness.”