LensGen Secures $28.3M in Recent Funding to Advance Adaptive IOL for Cataract and Presbyopia Treatment
According to the latest filings released by the U.S. Securities and Exchange Commission (SEC) this week, VCBeat (WeChat: vcbeat) has learned that LensGen, a developer of intraocular lenses, raised $7.3 million in a new round of equity financing from 13 anonymous investors. The funds will be primarily used to develop its Accommodating Intraocular Lens (AIOL), specifically designed for patients with presbyopia and cataracts.
In fact, as early as early May, LensGen had already completed a $21 million Series A financing round, led by the corporate venture capital arm of HOYA Corporation, with participation from several other medical industry partners. To date, LensGen’s total fundraising has reached $23.75 million (excluding the $7.3 million from this anonymous investment).
LensGen Historical Financing Data
LensGen is an ophthalmic medical device company based in California, USA. Founded in 2011, it focuses on restoring youthful vision for millions of patients with cataracts and presbyopia. With its innovative Accommodating Intraocular Lens (AIOL)—Juvene—the company aims to correct refractive errors and provide a unique spectacle-free solution for patients affected by presbyopia and cataracts. LensGen states that its intraocular lens mimics the natural accommodative process of the human eye by changing shape and adjusting focus, and can be implanted using current surgical techniques for intraocular lenses.
On Presbyopia and Cataracts
As we reach the age of 40, we begin to lose the ability to focus on near objects, a condition medically termed presbyopia. Presbyopia is the loss of accommodative function that occurs when the eye’s natural lens becomes less elastic due to aging. The accommodation process in the human eye is similar to the autofocus function of a camera, except that the eye achieves focus by contracting tiny intraocular muscles to change the thickness of the natural lens, making it thinner or thicker. Industry experts estimate that nearly 2 billion people worldwide suffer from presbyopia, and the potential market for presbyopia treatment in the United States may exceed $5 billion.
Cataracts are cloudy or opaque areas in the normally transparent lens of the eye. Most cataracts typically develop in individuals over the age of 55, and surgery to replace the lens is usually required when cataract progression impairs a person’s ability to perform normal daily activities. Cataract surgery involves removing the clouded lens and replacing it with an intraocular lens. It is estimated that 30 million cataract surgeries will be performed worldwide by 2020.
Cataract surgeons have long awaited an accommodating intraocular lens technology that is fully compatible with small-incision cataract surgery, providing sufficient accommodation for patients with presbyopia. Could LensGen’s accommodating intraocular lens be the perfect solution?
The surgical procedure for the LensGen intraocular lens is identical to conventional cataract surgery, which is performed in over 24 million cases annually worldwide. LensGen technology has undergone research and testing by numerous distinguished professors and computer modeling experts, utilizing advanced engineering and analytical tools for lens design and manufacturing, including ray tracing, finite element analysis, and state-of-the-art reactive cast molding. Prototypes have been successfully fabricated, and an accommodative simulator has been developed to measure accommodative and optical performance.
Dr. Stevine, Director of the University of California’s Institute for Ophthalmic Research, stated in a press release: “I believe Juvene has significant potential to address presbyopia and improve patients’ quality of life. Since the early stages of LensGen, I have been passionate about curvature-changing, bionic lens design, and I am excited by the progress LensGen has made.”
“Ramgopal Rao, CEO and Founder of LensGen, said, ‘We are delighted to attract experienced ophthalmic and corporate strategic investors, such as HOYA, to accelerate our efforts to further develop and launch this innovative and elegant lens solution for the treatment of presbyopia.’”
Augustine Yee, Chief Legal Officer and Head of Corporate Development at HOYA Corporation, which led the $21 million financing round earlier this month, stated, “As one of the world’s leading intraocular lens companies, HOYA is delighted to collaborate with companies such as LensGen to drive potentially meaningful innovations for the ophthalmic community and patients.”