LumiThera announced it has completed its Series C financing. The company raised approximately $14 million to support further commercialization of its Valeda Light Delivery System for the treatment for dry age-related macular degeneration (AMD), to complete its LIGHTSITE III U.S. clinical trial enrollment, and to pursue regulatory clearance of Valeda in the United States.
“We are very pleased with the investor interest in the company and have now completed the Series C round,” Clark Tedford, PhD, President and CEO, said in a company news release. “Our soft launch in Europe in the last year has demonstrated excitement for Valeda as the first approved treatment for dry AMD using photobiomodulation.”
The company is currently completing enrollment in two prospective, randomized, double masked, clinical trials; the LIGHTSITE II study in Europe and LIGHTSITE III study in the U.S., using the Valeda Light Delivery System. Additional trials are in the planning stage for diabetic macular edema (DME) and AMD patients.
“We see the expansion of the PBM platform into other ocular areas such as diabetic retinopathy and diabetic macular edema (DME) as part of the next phase in the global commercialization of the PBM technology platform for ocular damage and disease,” stated Yigang Yang, a LumiThera director and founding partner of WaterStar Capital.
WaterStar Capital, an Atlanta-based institutional group, was the lead investor. Seattle-based Imagine Ventures, a participant in the company’s Series B round further co-invested in the Series C round. Keiretsu Capital, Water Star Mercury Fund, Nikon Corporation and Celeste Management, a family-office, were also participants in the Series C round.
“LumiThera continues to demonstrate clinical benefits with a novel PBM treatment for debilitating eye diseases,” stated Daniel Bertholet, a member of LumiThera’s Board of Directors. “We are very pleased with the responses by both patients and doctors in Europe over the last year.”
Visit the company’s website at www.lumithera.com.