Key Takeaways
- TECLens closed a $10 million Series A2 extension financing, with participation from existing investors
- The funding will support expansion of the company's first-in-human qCXL clinical program, next-generation system development, regulatory planning, and preparations for an IDE submission
- TECLens' CXLens System is being developed to reshape the cornea through patterned ultraviolet light and targeted cross-linking without cutting or removing corneal tissue
TECLens announced it has closed a $10 million Series A2 extension financing to support clinical development of its quantitative corneal cross-linking technology, including expansion of a first-in-human program evaluating the approach for noninvasive refractive vision correction.
The clinical-stage ophthalmic medical device company said the additional capital will support continued generation of proof-of-concept data for its qCXL platform, development of its next-generation system, refinement of its regulatory strategy, and preparations for an investigational device exemption submission.
The financing follows the initiation of TECLens' first-in-human proof-of-concept study, which is evaluating the company's approach to reshaping the cornea without cutting or removing tissue. TECLens said it expanded the financing round following investor interest, including participation from strategic investors entering the syndicate.
Existing investors participated in the financing, including Johnson & Johnson through its corporate venture capital organization, Johnson & Johnson Innovation – JJDC Inc.
"This financing reflects the significant progress TECLens has made in advancing our proof-of-concept clinical study and the growing confidence in our technology," Madhu Ayyagari, PhD, CEO of TECLens, said in a statement.
Dr. Ayyagari, who became CEO in June, added that early progress in the program has reinforced the potential of qCXL as an alternative approach to refractive vision correction. The new financing will allow the company to expand its clinical program, collect additional data, and advance its CXLens platform, he said.
The company's CXLens System uses personalized, patterned ultraviolet light to reshape the cornea while preserving the epithelium. TECLens' qCXL technology is designed to create molecular bonds at targeted locations within the cornea, strengthening and reshaping the tissue to produce refractive correction without the cutting or tissue removal associated with conventional surgical refractive procedures. The system pairs a proprietary treatment-planning engine with real-time ultrasound monitoring to guide execution of individualized treatment plans, according to the company.
TECLens announced earlier this year that it had treated the first patient in its first-in-human proof-of-concept study of qCXL for noninvasive refractive vision correction. The current clinical program is evaluating patients with refractive errors, with a particular focus on presbyopia.
The company said it plans to provide updates on the clinical development program at the European Society of Cataract and Refractive Surgeons (ESCRS) meeting in London and the American Academy of Ophthalmology (AAO) annual meeting in New Orleans.
