Contact Information: For further information, please contact: Jay Wei President/CEO Email Contact Paul Kealey VP Sales & Marketing Email Contact
Optovue, Incorporated Secures $10.5 Million in Series B Funding Led by Trevi Health Ventures
| Source: Optovue, Inc.
FREMONT, CA -- (MARKET WIRE) -- April 2, 2007 -- Optovue, the first company to introduce a
Fourier-domain, optical coherence tomography system to the US market,
announced today that the Company has secured $10.5 million in Series B
funding. The investment was led by Trevi Health Ventures, the venture
capital firm focused on medical devices, biopharmaceuticals and healthcare
services with offices in New York and London.
Acorn Campus, iD Soft Capital, H&Q Asia Pacific, Harbinger Ventures, and
the lead investors in Optovue's Series A round, also participated in the
Series B financing. Since Optovue's Series A funding in 2004, the founders
and development team have successfully launched their first product and
completed a long-term strategic product development plan that will enable
Optovue to become the industry leader for the development of new innovated
technology for the eye care market.
Andrew Fink, managing director at Trevi, commented, "We have been very
impressed with Optovue's efficient and rapid execution. The management team
and Company advisors have world-class experience with ophthalmic imaging,
and they have produced a brilliantly engineered OCT instrument with
user-friendly clinical protocols. We look forward to working together with
the Optovue team to commercialize innovative ophthalmic tools."
Optovue founder and CEO Jay Wei, who was recently the head of Advanced
Development for Carl Zeiss Meditec, stated, "Our strategy from the
beginning has been to lead the development and introduction of
Fourier-domain based OCT technology products to the market. Moreover, to
do so in such a way as to make these advanced systems available to all
segments of the eye-care market. Our strong launch at the AAO and the
building momentum in the marketplace, combined with investor confidence
validates both the technology and the market opportunity for Optovue. Our
development pipeline will serve to strengthen the position of Optovue in
the market, as we expand our product portfolio over the next several
years."
Optovue is proud to announce the recent appointment of John Moore to the
Board of Directors. Mr. Moore has held the position of President for
several leading companies in the eye care industry, including Zeiss
Humphrey Systems (now Carl Zeiss Meditec) where he was responsible for
licensing the OCT technology from MIT and successfully developing the first
commercial OCT product. John was also president of Laser Diagnostic
Technologies (LDT), which developed the GDx device for retinal nerve fiber
layer analysis. He is also a member of the board of directors of
NotalVision; the company the developed the first diagnostic instrument for
the detection of AMD.
Mr. Moore commented, "The RTVue OCT is the first significant advance in OCT
technology since the introduction of the first commercial OCT in the mid
nineties. RTVue sets the new standard for advanced OCT imaging. .Like MRI
in cardiology, the unique RTVue OCT technology captures a 3D
high-resolution image. The superior image resolution will drive both
improved and new clinical applications."
The first product was introduced in November of 2006 and shipment to
customers began in mid-December. Sales of the RTVue system are very strong
domestically, and the recent international rollout demonstrating an equally
high demand outside the US. The Series B funding will fuel the production
expansion and the continued development of the product pipeline.
Optovue is also proud to announce the appointment of two new members to the
Board of Directors: Michael Cannon representing Trevi Health Ventures, and
Ray Jamp, Ph.D. representing iD Soft Capital.
About Trevi
Trevi Health Ventures is a healthcare private equity firm managed by a team
of experienced investment and operating professionals. Based in New York
and London, the firm invests in development- and growth-stage companies in
medical devices, biopharmaceuticals and healthcare services.
www.trevihealth.com.
About Optovue
Optovue is the leading provider of the latest technology for tomographic
imaging of the eye. Using near infra-red light, the system provides the
clinical user a 5 micron histological slice of the retinal tissue layers.
This is a 2 fold increase in resolution over the previous devices for this
type of imaging. The founders of Optovue are highly experienced in this
technology, as they are responsible for developing the first OCT systems
for eye care (four models in all) marketed by their former company.
Clinical users are able to visualize the microns thin layers of the human
retina, responsible for various aspects of our visual senses. Optovue has
additional products in its development pipeline that take advantage of new
patent filings, as well as devices that build on the technology behind the
RTVue system. These are scheduled for timed release over the next four
years, and give Optovue a broader product portfolio in which to advance
further in to the eyecare market segments. www.optovue.com