MacuLogix Secures $38.7M Series D Funding to Advance AdaptDx for Early Detection of Age-Related Macular Degeneration with 90% Accuracy

VCBeat (WeChat ID: vcbeat) has learned that MacuLogix, a medical device company specializing in ophthalmology, recently secured $38.7 million in Series D financing. The funds will be used to further expand the MacuLogix team, enhance corporate infrastructure, and broaden sales channels for its flagship product, AdaptDx.

This round of financing was led by Vivo Capital, with participation from existing investors Fisk Ventures, Roche Venture Fund, Berwind Private Equity, and Life Sciences Greenhouse of Central Pennsylvania. To date, MacuLogix has secured six rounds of investment. In 2018, the company obtained $10 million in debt financing.

MacuLogix, founded in 2004 and headquartered in Pennsylvania, USA, is the only medical device company developing diagnostic instruments for patients with age-related macular degeneration (AMD). AMD is a condition that is difficult to diagnose in its early stages; once confirmed, there is essentially no cure, leaving physicians able only to witness the gradual loss of their patients’ vision. As the leading cause of blindness among adults, AMD has an incidence rate three times that of glaucoma, and its prevalence continues to rise annually with the aging population. Statistics show that in 2017, there were 14 million AMD patients in the United States.

The AdaptDx automated dark adaptometer, developed by MacuLogix, provides a method for preventing blindness in patients with age-related macular degeneration (AMD). AdaptDx enables eye care professionals to detect AMD earlier and more accurately; early treatment can help AMD patients delay or prevent vision loss. Early-stage AMD typically presents as night blindness. AdaptDx diagnoses early AMD by measuring the number of minutes required for a patient’s eyes to adapt from bright light to darkness, achieving an accuracy rate of up to 90%.

William D. McPhee, CEO of MacuLogix, stated, “There are 170 million AMD patients worldwide, yet there is currently no tool or technology available for early detection of this disease, representing a substantial market opportunity.” Jack B. Nielsen, Managing Director at Vivo Capital, remarked, “We believe that AdaptDx will become the standard of care for AMD patients.”

Vivo Capital, founded in 1996 and headquartered in California, USA, is a venture capital firm specializing in the healthcare sector, with over $1 billion in assets under management. The firm maintains offices in California, Shanghai, Chengdu, and Beijing, focusing its investments on the United States, China, and Europe.

Fisk Ventures is a venture capital firm based in New York, United States.

Roche Venture Fund, established in 2002 and headquartered in Basel, Switzerland, is the venture capital arm of Roche, a global healthcare company. The fund focuses on investing in life sciences companies across Europe, North America, and the Asia-Pacific region, managing approximately CHF 500 million in assets.

Berwind Private Equity, based in Massachusetts, USA, is an investment firm focused on investing in early-stage startups.

Life Sciences Greenhouse of Central Pennsylvania (LSGPA), established in 2002 and headquartered in Pennsylvania, USA, is a venture capital firm. The firm focuses on investing in life sciences companies in Pennsylvania to drive the state’s economic development.

(Compiled by Jiao Yanli)