Sight Sciences Says ‘Substantial Crossover Raise’ Funding Will Support Clinical and Commercial Acceleration

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MENLO PARK, Calif.—Sight Sciences Inc., a growth-stage medical device company, has closed a Series F preferred stock financing led by D1 Capital Partners and new equity partner Janus Henderson Investors. Sight Sciences, founded in 2011, said it is working to transform the two fastest-growing segments in ophthalmology and optometry, glaucoma and dry eye disease. The raise includes a refinancing and upsizing of the company's senior credit facility with MidCap Financial, according to an announcement this week.

Proceeds from the financings will be used to continue clinical development and accelerate the commercial expansion of Sight Sciences' Omni and TearCare products. (Crossover financings are capital raises by private companies that include investors that traditionally invest primarily in public companies.)

Omni is the first and only device that provides surgeons with micro-invasive access to all 360-degrees of the diseased conventional outflow pathway in glaucoma with a single clear corneal incision. It is rapidly gaining adoption by practitioners worldwide, the announcement noted. TearCare is the only wearable, personalized, open-eye technology that delivers regulated, localized heat to the eyelids in patients with meibomian gland dysfunction.

"Since making our initial investment in Sight Sciences in March 2020, we have been impressed by the company's continued growth and outstanding commercial and clinical execution through the unique challenges posed by the COVID-19 pandemic," James Rogers, analyst at D1 Capital Partners, said in the announcement.

"We are very much aligned with Sight Sciences' mission to provide better outcomes for patients and further empower the clinical community in the areas of glaucoma, dry eye disease and beyond. We are excited to make a substantial incremental investment alongside Janus and MidCap to support the company's growth plans."

Paul Badawi, founder and chief executive officer of Sight Sciences, said the company is “extremely excited about the continued partnership with D1 and MidCap,” and was pleased to welcome “an incredibly sophisticated health care investor like Janus to our shareholder base.”

He added, “This funding further validates the substantial progress we have made in our mission to transform the care for patients suffering from the world's most prevalent eye diseases. The additional capital will allow us to continue executing on our highly robust clinical roadmap that we intend to lead to additional FDA submissions for the indication expansion of existing products as well as the clearance or approval of new products.”