Sight Sciences announced the closing of $31 million in Series D Preferred Stock financing. MidCap Financial and Sight Sciences entered into a $25 million debt facility earlier in 2019.
The $56 million of total financing proceeds are being used to accelerate the growth of the OMNI Surgical System and TearCare System in the United States, to develop a global commercial infrastructure in select international markets, to conduct additional clinical trials across the entire product portfolio, and to develop a pipeline of innovations in new ophthalmic categories.
The new financing was led by KCK Group, an investor in high growth medical technology companies. MidCap Financial, a prominent middle-market lender to healthcare companies that is managed by Apollo Capital Management, and has over $20 billion of commitments under management, also participated in the equity raise.
“Sight Sciences has created one of the most innovative approaches to surgical glaucoma in decades,” Valeska Schroeder, Managing Director of KCK Medical Technologies Group, said in a company news release. “It became clear in our diligence that surgeons across the United States are rapidly adopting OMNI as their preferred MIGS device. By targeting all three sources of outflow resistance in the conventional outflow pathway, OMNI is uniquely capable of opening up the highly anticipated and substantial ‘standalone MIGS’ market. KCK is also excited about Sight Sciences’ recent launch of TearCare, the only wearable, open-eye device in the underserved and rapidly emerging evaporative dry eye space. KCK is looking forward to partnering with Sight Sciences as they lead the development and expansion of these two rapidly emerging markets.”
Upon closing, Valeska Schroeder has joined Sight Sciences’ Board of Directors together with co-founder and Chief Executive Officer Paul Badawi, co-founder Dr. David Badawi, Staffan Encrantz of Allegro Investment Fund, Mack Hicks of Hicks Holdings, and Carter Meyer of Scientific Health Development.