iSTAR Medical Secures €40 Million Series C Funding to Advance MINIject for Minimally Invasive Glaucoma Surgery

On September 6, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that private medical device company iSTAR Medical (iSTAR) announced the completion of a €40 million Series C financing round.

The financing round was led by professional healthcare investment funds Life Sciences Partners (LSP) and Gimv, with participation from Earlybird Venture Capital, BNP Paribas Fortis, Capricorn Venture Partners, Walloon Regional Investment Fund (SRIW), and Belgian Federal Investment Fund (SFPI‐FPIM).

iSTAR plans to use the proceeds from this financing round to develop and commercialize MINIject, a glaucoma treatment device, and expand its product market in Europe and the United States.

It is reported that iSTAR has completed four rounds of financing, raising a total of €54 million. Among these, the company closed its Series A round of €4 million in November 2013 and its Series B round of €10 million in April 2016.

iSTAR Medical, founded in 2010 and headquartered in Antwerp, Belgium, is a clinical-stage medical device company. The company is dedicated to developing advanced ophthalmic implants to provide innovative therapies for patients with glaucoma. iSTAR Medical boasts an experienced management team and possesses well-established capabilities in clinical R&D and market access.

Glaucoma is the leading cause of blindness in adults, affecting approximately 92 million people worldwide. Currently, minimally invasive glaucoma surgery (MIGS) represents the most effective and rapidly advancing therapeutic approach for glaucoma. According to a 2018 report on glaucoma surgical devices in the United States, the MIGS market is experiencing rapid growth with promising prospects, and its market value is projected to reach $1.1 billion by 2023.

iSTAR holds the exclusive rights to use STAR biomaterials from the University of Washington, primarily for the development of ophthalmic implants. STAR is a medical-grade silicone featuring geometric shaping, microporosity, multi-channel structures, and softness, which minimizes scarring while maintaining the performance of ophthalmic implants.

Building on its STAR platform, iSTAR Medical developed MINIject, an advanced medical device for minimally invasive glaucoma surgery (MIGS), to improve clinical outcomes for patients. The device facilitates oxidative metabolism in the ciliary body and safely lowers intraocular pressure. In June 2019, the American Glaucoma Society (AGS) journal published the results of the Phase I clinical trial of MINIject, confirming that the device is safe and effective, significantly reducing the medication burden for glaucoma patients.

Michel Lussier, Chairman of the Board of iSTAR, stated, “We are delighted to have the support of a broad base of investors, who will help iSTAR develop world-leading glaucoma treatment technologies.”

Gimv partner Bram Vanparys stated, “MIGS holds the promise of revolutionizing the treatment landscape for glaucoma. iSTAR is a leader in the field of glaucoma therapy, possessing specialized life sciences expertise and robust R&D capabilities. Gimv will continue to collaborate with iSTAR to advance the development of treatments for ophthalmic diseases.”

Headquartered in the Netherlands, LSP is an independent private equity firm primarily focused on the life sciences sector. The firm has invested in more than 100 innovative companies to drive the development of the healthcare industry. With offices in Amsterdam, Munich, and Boston, LSP manages over €2 billion in assets.

Gimv, founded in 1980 and headquartered in Antwerp, Belgium, is a leading venture capital and private equity firm. The company employs over 14,000 people and primarily invests in sectors such as consumer services, healthcare, and smart industry. Gimv boasts an experienced investment management team and manages assets worth approximately €2.75 billion.

Earlybird, established in 1997, is a venture capital firm specializing in innovative technology. The company primarily provides funding and strategic guidance to European digital technology and healthcare enterprises, managing over €1 billion in assets.

BNP Paribas Fortis is a venture capital and private equity firm that has completed more than 80 overseas investments, backing innovative technology companies such as METRON, Ridecel, and Sierra Energy.

Capricorn, founded in 1993 and headquartered in Belgium, is a venture capital and private equity firm that primarily invests in innovative European companies with technology as their competitive advantage.

SRIW, established in 1979 and headquartered in Belgium, is a venture capital firm. The company primarily invests in European technology innovation enterprises.

SFPI‐FPIM, established in 2006 and headquartered in Brussels, Belgium, is a venture capital firm. Founded by the Belgian government, the firm primarily invests in multiple sectors, including life sciences and healthcare.

(Compiled by Xu Xiaoxue)