VisionCare Ophthalmic Technologies Secures $15 Million in Financing

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SARATOGA, Calif— VisionCare Ophthalmic Technologies, Inc., the developer, manufacturer and marketer of the Implantable Miniature Telescope, the only FDA-approved surgical device for end-stage Age-Related Macular Degeneration (AMD), announced that it has secured up to $15 million in long-term, non-dilutive financing to accelerate the commercialization of its novel therapy. The capital was raised exclusively from Life Sciences Alternative Funding LLC a leading provider of non-dilutive, debt capital to fund growth for commercial-stage medical device and other life sciences companies.

VisionCare's telescope implant was approved by the FDA in 2010 based on a multi-center, prospective clinical trial with more than five years of follow-up data. In July 2013, Centers for Medicare and Medicaid Services proposed to provide permanent reimbursement for the implant by assigning the telescope implant procedure to a new Ambulatory Payment Classification (APC). If finalized, the new APC would be effective Jan. 1, 2014. The telescope will continue to be reimbursed by a transitional pass-through payment code, specifically created by CMS for the new technology in 2011, through January 1, 2014.

"This funding will help VisionCare drive continued adoption of this vision-improving procedure and provide life-changing therapy to end-stage AMD patients," said Allen Hill, CEO of VisionCare. "Along with the recent positive developments in reimbursement and the enthusiastic reception for the technology from the ophthalmic physician community, VisionCare is well-positioned to accelerate growth," he said.