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VisionCare Announces Close of Series E Expansion Financing and Board Changes
Date:1/22/2012

SARATOGA, Calif., Jan. 22, 2012 /PRNewswire/ -- VisionCare Ophthalmic Technologies, Inc., a developer of advanced visual prosthetic devices for the treatment of end-stage age-related macular degeneration (AMD), today announced the closing of expansion of the Series E financing, with Agate Medical Investments leading the expansion round.  Agate's Managing General Partner, Chanan Schneider, will join the VisionCare team as a board observer.

The company also announces that David Israeli, M.D., Pitango Venture Capital, and Yuval Avni, M.D., Giza Venture Capital, have joined VisionCare's Board of Directors. Dr. Israeli replaces current Pitango board member, Bruce E. Crocker, who is retiring.  Dr. Avni replaces current Giza board member, Elka Nir.   

"We sincerely appreciate the many contributions Bruce Croker has made to our company during his tenure as Pitango's representative on our Board," said Allen W. Hill, VisionCare's CEO.  Mr. Hill also commented, "We thank Elka Nir for her insights, advice and direction over the last year.  We are excited about the addition of Agate Medical Investments to our team of investors and welcome Chanan, David, and Yuval.  The expansion financing, led by Agate with the participation of Pitango, Infinity Fund LP and others, provides resources to accelerate the commercial launch of our telescope implant for treating end-stage macular degeneration."

Chanan Schneider, Managing General Partner, joined Agate Medical Investments in 2008. Previously, he was CEO of Beta-O2, a bio-device company, and Managing Director at Discount Capital Markets where he led medtech and other technology investments.   Chanan was part of the management team at Horizon Fund, a diversified private equity fund.  He has a BA and MBA degree from Bar Ilan University and currently is member of the Board of Directors of several companies in the Agate portfolio.

Dr. Israeli joined Pitango in
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SOURCE VisionCare Ophthalmic Technologies, Inc.
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