Hoya Group announced that it has closed financing in Salutaris Medical Devices (SalutarisMD), according to a company news release. SalutarisMD will use the funding to further its growth strategy in developing its patented medical device designed for minimally invasive therapy of wet age-related macular degeneration (AMD).
"Our investment in SalutarisMD continues Hoya's commitment to establishing strong relationships with companies developing next-generation products for medical care, particularly in the area of minimally invasive therapeutic technologies," Augustine Yee, Executive Officer, Chief Legal Officer and Head of Corporate Development and Affairs at HOYA Corporation, said in the news release. "The SalutarisMD technology offers the potential to meaningfully impact the management of wet AMD. We are pleased to build this strategic relationship with an innovative company in our growing life care space."
"The currently available treatment regimens for wet AMD are costly, burdensome and there is a large unmet need for more effective therapies. We are excited about our partnership with Hoya that will further enable our commercialization efforts," Dr. Laurence Marsteller, CEO of SalutarisMD, said in the news release.
The SalutarisMD device is designed to provide precise lesion-specific targeting. The procedure is performed using a hand-held instrument under the direct care and expertise of the treating retina specialist to deliver localized tissue irradiation, customized for each patient. The SalutarisMD device is designed as a practical, clinic-based procedure.
Specific business terms of the agreement were not disclosed.