AMD is one of the most significant unmet medical needs today, and will only grow in the future
Fremont, CA (PRWEB) December 7, 2006
NeoVista, Inc., an ophthalmic device company focusing on the treatment of wet Age-Related Macular Degeneration (AMD), announced today that the Company has successfully closed its third round of private venture financing.
New investors Essex Woodlands Health Ventures, which led the current round of financing, and MPM Capital, join existing investors Versant Ventures, SV Life Sciences, The Carlyle Group, and Accuitive Medical Ventures. Their investments mark the close of an over-subscribed round of financing for the company.
"To have received this vote of confidence from new investors like Essex Woodlands Health Ventures and MPM Capital, as well as the continued support of all of our existing investors, shows great promise for our company," stated John Hendrick, President, and CEO of NeoVista. "I believe it speaks well of our technology that such high quality investment firms are signing on as backers given the current financial climate."
Martin Sutter, Managing Director of Essex Woodlands Health Ventures, stated "We are pleased to be able to become shareholders of NeoVista, Inc. The Company's technology offers a very promising approach to the treatment of Wet AMD, with the potential for better long-term visual outcomes than are being observed to date. NeoVista possesses an outstanding senior management team capable of capitalizing on this opportunity."
"AMD is one of the most significant unmet medical needs today, and will only grow in the future," said William Greene, M.D. and General Partner of MPM Capital. "While Lucentis has been a major advance in the treatment of this disease, the need for monthly injections, the cost, and the lack of durable response present real opportunities to provide benefit for patients. NeoVista has an exciting and promising approach, and I look forward to helping the Company achieve its vision."
NeoVista, Inc. is currently developing an intraocular radiation device that shows promising early results in the treatment of Wet AMD. In 2007, the Company intends to enter into a definitive clinical study to support filing for regulatory approval to market the product in the U.S.
About NeoVista, Inc.
NeoVista, Inc. is a privately held company based in Fremont, CA. The Company, formed in 2002 by The Innovation Factory, has raised over $52M from venture capital sources to date.
For more information, please visit the company website at http://www.neovistainc.com