09.05.19

iSTAR Medical Announces EUR 40 Million Series C Financing

Source: iSTAR Medical SA

iSTAR Medical announced the completion of a €40m Series C financing to support the development of iSTAR Medical’s MINIject device along the path to commercialization in Europe and the United States. 

MINIject, an ab-interno MIGS device, provides a powerful and reliable solution to safely reduce IOP by enhancing aqueous humour outflow from the anterior chamber to the supraciliary space, and has been designed to be a best-in-class MIGS device, according to a company news release. Unlike other technologies, MINIject uses the STAR material, a soft and flexible, medical-grade silicone with a micro-porous, multi-channel geometry.

Data from the first-in-human STAR-I trial for the MINIject device in a standalone setting confirm that MINIject is safe and highly effective in achieving significant IOP reduction, as well as easing medication burden in glaucoma patients.  

“iSTAR Medical is setting new frontiers in MIGS treatment of glaucoma. The positive results achieved at 18-month follow-up of our first-in-human trial validates the potential of MINIject in the supraciliary space as the next therapeutic option for glaucoma patients,” Michel Vanbrabant, CEO of iSTAR Medical, said in the news release. “This financing is a significant milestone for the company and will support the development and commercial launch of MINIject.”

Early 6-month results of MINIject in the STAR-I trial were published online in June 2019 in Ophthalmology-Glaucoma, the journal of the American Glaucoma Society (AGS). The 18-month results of MINIject will be presented in detail on September 13, 2019, during Glaucoma Day at the ESCRS congress in Paris, France.

The financing was led by healthcare specialist funds LSP and Gimv, with participation by Earlybird and BNP Paribas Fortis Private Equity. Existing shareholders including Capricorn Partners, Walloon Region Investment Fund (SRIW) and Belgian Federal Investment Fund (SFPI‐FPIM) also participated.

In conjunction with the financing, Anne Portwich (LSP), Bram Vanparys (Gimv), and Lionel Carnot (Earlybird) will be joining the Board of Directors at iSTAR Medical.

 

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