RadianceTx Raises $1 Million First Tranche to Develop Novel Glaucoma Therapy

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TUCSON, Ariz. and LONDON—RadianceTx, which works in the area of ophthalmic therapeutic innovation, announced a $1 million first tranche closing of a targeted $7 million round of financing. The investment will be used to fund development of the company’s Beta Ophthalmic System for delivery of beta irradiation therapy to improve glaucoma surgery outcomes, according to an announcement. Validated in three clinical studies conducted by preeminent ophthalmic research teams, beta therapy has been shown to improve glaucoma surgery outcomes. A recent study reported odds ratios that beta irradiation therapy patients were 5½ times more likely to experience lower intraocular pressure at the end of one year than patients treated with the current standard of care, RadianceTx said in its announcement.

Glaucoma is the leading cause of irreversible blindness.

“I am pleased to announce this initial funding for RadianceTx, which allows us to begin commercial development,” Harry George, president and chief financial officer, said in the announcement. “The RadianceTx team possesses a track record of achieving regulatory market clearances for other medical and ophthalmic devices and is poised to advance the standard of care for glaucoma surgery with the RadianceTx Beta Ophthalmic System.”

A device solution, RadianceTx Beta Ophthalmic System is designed to topically apply beta therapy to trabeculectomy or MIGS drainage device implantation sites. Currently, scarring prevention involves the complex and time-consuming intra-operative application of antimetabolites (chemotherapy drugs) yet still results in a failure rate approaching 50 percent at three years, according to RadianceTx’s announcement.