AcuFocus Raises $66 Million in New Financing Round Led by KKR
September 09 2016 - 9:35AM
Business Wire
AcuFocus, Inc., a privately held ophthalmic medical device
company, announced today a private investment of approximately $66
million in a financing round led by KKR, a leading global
investment firm.
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AcuFocus develops and markets breakthrough small aperture
technologies for the improvement of near vision. The investment
follows several key milestones for AcuFocus, including the
successful controlled commercial launch of its first-of-its-kind
flagship product, the KAMRA® corneal inlay, in the U.S. and CE Mark
approval for its second product, the IC-8™ intraocular lens. Both
technologies utilize the small aperture effect to treat presbyopia,
the natural loss of near vision that eventually affects everyone
over the age of 40, as well as cataracts, the clouding of the eye’s
natural lens.
The financing round led by KKR will allow AcuFocus to accelerate
its commercialization plans for the KAMRA inlay and IC-8 lens as
well as further advances in research and development projects that
continue to leverage its small aperture expertise.
“We are honored that KKR has chosen to make AcuFocus its first
investment in the ophthalmic space,” said Bill Link, PhD, AcuFocus
Chairman of the Board. “Through this partnership, and the continued
support of our current investors, we look forward to driving the
company into a global market leadership position in presbyopia and
cataract surgery.”
“This investment is a critical catalyst for the company,” said
Al Waterhouse, AcuFocus President and Chief Operating Officer.
“KKR’s confidence in our technology, along with its track record in
successfully scaling businesses, will allow us to execute
aggressively on growth plans to bring our disruptive small aperture
technologies to full commercialization.”
“AcuFocus is a unique ophthalmic device platform with a
differentiated set of products, strong patient outcomes and an
accomplished management team,” said Arjun Arora, Principal on KKR’s
Americas Health Care investing team. “We are confident that these
technologies will play an important role in the way in which
surgeons treat presbyopia and cataracts. We look forward to
supporting the management and employees of AcuFocus in bringing
these products to patients worldwide and accelerating the Company’s
growth plans.”
For KKR, the investment is part of the firm’s health care growth
equity strategy, which is focused on high-growth companies for
which KKR can be a unique partner in helping reach scale. Since
2004, KKR has invested over $4.5 billion in health care-related
companies in the Americas, including ~$3.6 billion from the Firm’s
flagship private equity funds. Since 2014, the Firm has invested or
committed over $200 million in health care growth companies in the
Americas, including recent investments: Spirox (medical device
company focused on developing minimally invasive technologies in
the ear, nose and throat space), Signostics (leader in handheld
ultrasound devices and bladder scanners) and Cohera Medical
(developer of absorbable surgical adhesives and sealants).
ABOUT ACUFOCUSAcuFocus Inc. is a privately held
ophthalmic medical device company that develops and markets
breakthrough technologies for the improvement of near vision. The
Company’s proven, proprietary technology platforms use a small
aperture – or pinhole – effect to allow only focused light rays to
reach the retina and bring objects into clear focus. The result is
unique, reliable and long-lasting performance. Using the small
aperture concept, two products have been developed: the Company’s
flagship product – the KAMRA® corneal inlay – and the innovative
IC-8™ IOL. The KAMRA inlay helps presbyopic patients restore their
near vision while maintaining their distance vision. It is
commercially available in 50 countries, including the United
States. The IC-8 IOL provides a range of vision across various
distances, from near to far, and is specifically designed for
patients with cataracts. The IOL is CE Marked and currently
available in select markets. It is not yet approved by the FDA for
use in the U.S. In addition to these products, AcuFocus also
distributes the AcuTarget HD diagnostic and surgical planning
instrument. This instrument is essential for the optimal treatment
and technology selection for a broad range of patients, including
LASIK, cataract, dry eye and presbyopes. Founded in 2001, AcuFocus
is based in Irvine, Calif. For additional information about the
KAMRA inlay or the IC-8 lens, visit www.acufocus.com.
ABOUT KKRKKR is a leading global investment firm that
manages investments across multiple asset classes including private
equity, energy, infrastructure, real estate, credit and hedge
funds. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach, employing
world‐class people and driving growth and value creation at the
asset level. KKR invests its own capital alongside its partners’
capital and brings opportunities to others through its capital
markets business. References to KKR’s investments may include the
activities of its sponsored funds. For additional information about
KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at
www.kkr.com and on Twitter @KKR_Co.
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ACUFOCUSCunningham & AssociatesGemma Cunningham,
949-637-4296gemma949@yahoo.comorKKRCara Kleiman, +1
212-519-1619media@kkr.comorFinsburyVictor Mallet, +44(0)20
7251 3801victor.mallet@finsbury.com
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