VisionCare Ophthalmic Technologies has secured up to US$15mn in long-term, non-dilutive financing to accelerate the commercialisation of its novel therapy. The capital was raised exclusively from Life Sciences Alternative Funding.
VisionCare's implantable miniature telescope implant was approved by the FDA in 2010, based on a multicentre, prospective clinical trial with more than five years of follow-up data. The company began to commercialise the device in 2011, via its CentraSight treatment programme and received a new CPT code for the implant from the American Medical Association in July 2012. In July 2013, the Centers for Medicare and Medicaid Services (CMS) proposed to provide permanent reimbursement for the implant by assigning the telescope implant procedure to a new Ambulatory Payment Classification (APC). If finalised, the new APC would be effective from January 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, until January 1 2014.
This funding will help VisionCare drive continued adoption of this vision-improving procedure and provide the therapy to end-stage age-related macular degeneration (AMD) patients. The implantable miniature telescope was invented by the company's founders, Yossi Gross and Isaac Lipshitz, and is indicated to improve vision in patients >=75 years of age with stable severe to profound vision impairment associated with end-stage AMD. This level of visual impairment constitutes statutory blindness. The telescope is implanted in one eye in an out-patient surgical procedure.