Israeli medical device company Sanoculis, which has developed a minimally invasive surgical procedure for the treatment of glaucoma has signed a strategic agreement with global eye health company Bausch + Lomb Corp. As part of the deal, Bausch + Lomb is also making an equity investment in Sanoculis's latest $14-17 million financing round. Bausch + Lomb will also receive an option to buy Sanoculis and will distribute its products exclusively in Europe. The latest financing round gives Sanoculis a valuation of $35 million, before money.
Sanoculis was founded in 2012 on the basis of an invention by Dr. Yoseph Glovinsky, a senior ophthalmologist at Sheba Medical Center, Tel Hashomer, who also serves as the company's Chief Medical Officer. Sanoculis was founded with support from the Technion's T3 technology transfer company and the AMIT Fund, and has raised $10 million to date. Investors include Zohar Zisapel, and Sanoculis cofounder and CEO Nir Israeli. Biolight Life Sciences Ltd. (TASE: BOLT), which is participating in the latest financing round, has a 5% stake in Sanoculis.
Sanoculis has developed MIMS, a stent-less, simple and fast glaucoma treatment that effectively lowers intraocular pressure without the need for invasive surgery. MIMS, which is CE-marked, creates a sclero-corneal drainage channel during the surgery, thus eliminating the need to implant a stent in the eye as with existing stent procedures.
Israeli said, "Both the distribution agreement and investment are a significant milestone for Sanoculis, because they demonstrate the strong trust Bausch + Lomb has in our technology. Together they will enable Sanoculis to expand its foothold and customer base in Europe. Bausch + Lomb's extensive distribution footprint in Europe will ensure that many additional glaucoma specialists and their patients will have access to MIMS. We believe MIMS will be a strong complement to Bausch + Lomb's portfolio of products and will further position Bausch + Lomb's leadership in the surgical glaucoma segment."
Bausch + Lomb CEO Joseph C. Papa added, "The prevalence of glaucoma is estimated to continue to increase substantially over the next nearly 20 years, and there remains a real need for new and alternative treatment options. Through our distribution agreement and equity stake in Sanoculis, we are strengthening our commitment to seek and make available new glaucoma treatment options for our customers and patients. As a global eye health leader with a fully integrated eye care portfolio, Bausch + Lomb remains committed to holistically addressing eye health problems, particularly in continuing areas of unmet need like glaucoma."
Published by Globes, Israel business news - en.globes.co.il - on July 31 2022.
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