BioLight Life Sciences Ltd. (TASE:BOLT) has signed an investment agreement with privately-held US company Peripherex Inc. Peripherex develops solutions for diagnosis and monitoring of peripheral vision impairment using a personal computer and a built-in camera, by monitoring eye movements. The test is designed to check for suspicion of the presence of glaucoma and other eye diseases that affect peripheral vision.
Peripherex was founded on the basis of an invention of Professor Jeffrey Goldberg, who serves as Chair of Ophthalmology at the Byers Eye Institute at Stanford University, and in collaboration with the Israeli company UMOOVE. BioLight will invest a $1 million in Peripherex, and it was also granted an option to invest up to an additional $2 million until the receipt of FDA approval for the Peripherex Product, or eighteen months from the initial closing, whichever is the later.
Professor Goldberg said, "The Peripherex team is excited to partner with Biolight to bring to the market a product that will allow simple at-home and in-clinic objective measurement of peripheral vision. This program stands to serve a major unmet need in ophthalmic care in glaucoma and other diseases, which is much needed to treat and save patients’ vision".
BioLight CEO Yaacov Michlin added: "We are happy to lead the investment in Peripherex with the goal to bring an innovative efficient and cost effective tool that will assist in preventing blindness in glaucoma patients. This investment is part of our strategy to focus on companies close to commercial launch of products that combine digital health and ophthalmology"
Published by Globes, Israel business news - en.globes.co.il - on July 28, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021