SOURCE: Optovue, Inc.

April 02, 2007 02:36 ET

Optovue, Incorporated Secures $10.5 Million in Series B Funding Led by Trevi Health Ventures

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.

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.

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