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VisionCare Ophthalmic Technologies Secures Up To $15MM To Accelerate Growth Of Its Novel Treatment For Age-Related Macular Degeneration
Date:9/17/2013

SARATOGA, Calif., Sept. 17, 2013 /PRNewswire/ -- VisionCare Ophthalmic Technologies, Inc. ("VisionCare"), the developer, manufacturer and marketer of the Implantable Miniature Telescope ("IMT" by Dr. Isaac Lipshitz), 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 ("LSAF"), 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.  VisionCare began to commercialize the first-of-kind device in 2011 via its CentraSight® treatment program and received a new CPT® code* for the implant from the American Medical Association (AMA) in July 2012.  In July 2013, 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 finalized, the new APC would be effective 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, 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
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SOURCE VisionCare Ophthalmic Technologies, Inc.
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