Myra Vision, a Shifamed portfolio company, announced today the closing of its $25M Series B financing. Led by Cormorant Asset Management, with significant participation from The Capital Partnership (TCP), the PA MedTech VC Fund and Shifamed angel investors, the funds will be used to further product development, scale manufacturing capabilities, and support first-in-human investigation of the company’s Calibreye™ System, a novel treatment that aims to optimize reduction of intraocular pressure (IOP) for patients with moderate to advanced glaucoma.
“Glaucoma is increasingly challenging to manage, particularly as the condition progresses to moderate and advanced stages,” commented Bihua Chen, Founder and Chief Executive Officer at Cormorant Asset Management. “We are pleased to lead this round and believe Myra Vision’s controlled and personalized approach will deliver a much-needed surgical solution for this large and underserved segment of the glaucoma market.”
Glaucoma, a leading cause of blindness, affects an estimated 66M people worldwide.1 More than one third of patients have moderate to advanced glaucoma, which requires significant reductions in IOP. Traditionally, these glaucoma patients have been treated with surgery, including trabeculectomy and tube shunt implants. Recent advances in less invasive surgical devices offer simpler and safer treatment options. While these devices have demonstrated an improvement in complication rates, achieving the IOP reductions necessary for the moderate to advanced glaucoma patient population remains challenging.
“The Calibreye System is designed to allow physicians to safely optimize aqueous outflow and effectively manage the evolving clinical needs of each patient,” stated Robert Chang, President and Chief Executive Officer of Myra Vision. “We are pleased to close this round of financing with strong continued support from our investors. The team has made tremendous progress and we look forward to the next step towards delivering this meaningful solution for glaucoma patients.”