Israeli ophthalmic company BioLight Life Sciences Ltd. (TASE: BOLT) reports that it has completed an investment of $1 million in AEYE Health Inc. in exchange for 4.8% of its shares. Among other investors in the round are Naska Medical, a life sciences fund owned by Samy Katsav's SK Group, Israeli investor group Club 100 plus, and prominent US-based ophthalmologist Prof. Sean Ianchulev.
BioLight has an option to invest a further $1.5 million in AEYE Health, in accordance with progress in its trial in the US and US Food and Drug Administration (FDA) approval. Exercise of the option will bring the current round to $5.8 million and BioLight's holding to 10% of AEYE Health, or 9.5% fully diluted.
AEYE Health, which has offices in New York and Tel Aviv, is a developer of AI-based solutions for rapid diagnosis of diseases that endanger vision. Its product for automatic detection of complications of diabetes in the retina such as diabetic retinopathy and diabetic macular edema, which are the greatest causes of blindness among working-age people, is in the advanced stages of trials in the US for obtaining FDA approval.
"AEYE Health's technology provides a rapid response for tens of millions of patients. The investment in it reflects our expansion in the growing field of digital health and out preference for companies close to the revenue stage," said BioLight CEO Yaacov Michlin.
Published by Globes, Israel business news - en.globes.co.il - on March 21, 2021
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