- First close of $2.0 million
led by a Fortune 500 Life Sciences Company and Catalyst Fund-III,
managed by Rev1 Ventures
- Proceeds will be utilized for Myoptechs' Early Clinical
Development Program of its patent-pending soft contact lenses and
spectacles that incorporate the Faceted Optical SystemTM
designed to help slow the progression of myopia
COLUMBUS, Ohio, Sept. 4, 2024 /PRNewswire/ -- Myoptechs, a
clinical-stage pediatric, ophthalmic medical device company
developing novel soft contact lenses and spectacles designed to
slow the progression of myopia while providing exceptionally clear
vision, today announced progress on its fundraise and clinical
development program. The Company's first $2.0M raised was led by a Fortune 500 Life
Sciences Company and Catalyst Fund-III—managed by Rev1 Ventures,
with additional investments from Goga Holdings, WS Investment
Company, and individual investors passionate about supporting
eye health and the pediatric patient population.
"We are grateful to our investors for this vote of confidence in
our young Company," stated Paul
Grimm, CEO of Myoptechs. "Myoptechs was founded with the
singular intent of commercializing a novel technology invented by
Dr. Tom Raasch, designed
specifically to maximize an optical signal that is clinically
proven to slow the progression of myopia. In 18 months since
licensing the idea and filed IP, our Team has incubated the
technology through prototype design, manufacturing, and now two
completed clinical studies with our novel soft contact lens, both
with very positive outcomes."
Commonly known as nearsightedness, myopia is a chronic,
progressive eye disease, characterized by a negative powered
refractive error and excessive eye elongation. The prevalence of
myopia will double by 2050, impacting 50% of the global
population.1 Besides visual degradation, the elongated
eye is susceptible to long-term, pathological complications with
significant risks to eye health and vision. Any degree of myopia
increases the risk of sight-threatening complications, including
glaucoma, retinal detachment, and myopic macular degeneration, with
certain complications leading to blindness in adulthood. Myoptechs
is developing optical correction designed to slow the progression
of myopia, thereby reducing the short- and long-term vision
implications of the disease.2
Myoptechs' soft contact lenses which incorporate its Faceted
Optical SystemTM, have delivered excellent distance
visual acuity in two clinical studies, which is the first goal in
helping people with myopia. Proceeds from the fundraise will enable
the remaining studies in the Company's Early Clinical Development
Program with the objective of selecting its two best prototypes for
extended on-eye clinical testing to show that its powerful, novel
optical system helps slow the progression of the disease.
Additionally, the funds will help Myoptechs deliver the first
manufactured prototypes of its novel spectacles.
"We are thrilled to support Myoptechs through this investment
and join the team on their mission to help kids see better "now"
while reducing the risk of vision impairment across their
lifetime," stated Tom Walker, CEO of
Rev1 Ventures. "The Life Sciences industry continues to grow in our
region and Paul has shown to be an impressive leader in the sector.
We're excited to see their continued progress and
momentum."
About Myoptechs
Myoptechs, a spin-out of the SANNT eye care technology
accelerator, is a privately held, pediatric ophthalmic medical
device company, dedicated to reducing the short-and long-term
vision implications of chronic, progressive myopia with
breakthrough, class-leading optical design.
Learn more about Myoptechs by visiting:
https://www.myoptechs.com
Forward-Looking Statements
This press release may contain information that might be
considered forward-looking statements. These statements may include
those about lens design, expected performance, regulatory approval,
launch timing, and market demand. Such forward-looking statements
are not a guarantee of future product or company performance. The
statements in this press release have not been evaluated by the FDA
and products made by Myoptechs are not currently available for
purchase or use in the United
States.
1 World Health Organization. The impact of myopia and
high myopia. World Health Organization; 2015.
2 Haarman, A.E.G., et al., The Complications of Myopia:
A Review and Meta-Analysis. Investigative Ophthalmology &
Visual Science April 2020, Vol.61, 49.
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SOURCE Myoptechs