ArcScaan announced the execution of a Stock Purchase Agreement with Shanghai Haohai Biological Technology that will result in a $11.15 million Preferred Series B investment into ArcScan. Haohai is a leading Chinese ophthalmology and medical aesthetics company headquartered in Shanghai, and is publicly traded on the Hong Kong (6826.HK) and Shanghai (688366.SH) stock exchanges.
YAFO Capital (Shanghai) and Auctus Capital Partners (Chicago) acted as financial advisors on this transaction for ArcScan, Inc.
“This transaction fits well with our long-term global strategy in ophthalmic markets. The breakthrough technology from ArcScan not only meets the unmet medical needs in the ophthalmic imaging field, but also leverages with our global product portfolio to significantly improve post-surgical results in premium IOLs and PIOL implantations.” said Olivia Chen, Executive Director of Haohai Biological Technology Co. Ltd.
“We are thrilled to be a close partner with Haohai to help them further develop their rapidly expanding offering of implantable lenses and, at the same time, provide ArcScan a base from which to expand into the largest ophthalmology market in the world. This couldn’t be a better strategic fit.” said Andrew Levien, CEO and President of ArcScan, Inc.
The ArcScan Insight 100 imaging technology provides accuracy to obtain measurements in the entire anterior chamber of the eye. The device and software create a platform that enables users to easily obtain\ high-resolution images of the entire anterior segment in micron precision, including areas that cannot be imaged with current optical technologies. The Swept Beam Liquid Interface technology delivers developments in ultrasound imaging.
The ArcScan Insight 100 uses core proprietary technology that was originally developed and patented at Columbia/Weill University. A mechanically controlled 50 MHz transducer scans the eye in an arc shaped motion with a curvature that approximates the anterior ocular surface.