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PASADENA, Calif., June 4, 2015 (GLOBE NEWSWIRE) -- Calhoun Vision, Inc. today announced the completion of $52 million in new financing, and an additional $17 million in debt conversion. Institutional investor Longitude Capital led the round, along with co-investors H.I.G. BioVentures, Balance Point Capital Partners, and RA Capital Management.
Calhoun has developed the first light adjustable intraocular lens that allows power correction by the physician following cataract surgery. The Company has recently completed enrollment of its 600-patient Phase III study of its proprietary technology. Proceeds from this financing will be used to continue supporting the U.S. Food and Drug Administration (FDA) pre-market process and for executing on the Company's strategy to transform the landscape of cataract surgery for patients and physicians.
"This financing from prominent healthcare investors is a testament to Calhoun's potential to solve an important unmet need in cataract surgery through postoperative IOL adjustability," said Rick Heinick, President and Chief Executive Officer of Calhoun Vision. "With this financing, we will strengthen our team, support the company through the FDA submission process, advance our product pipeline, and execute our commercial strategy."
Juliet Bakker, Managing Director at Longitude Capital, added, "Calhoun Vision, with its dynamic new management team, is uniquely positioned to improve the lives of millions of cataract patients worldwide through its novel and customizable Light Adjustable Lens and pipeline. This round of financing is an important step toward the goal of bringing Calhoun's first-in-class technology to physicians and their patients who can benefit from it."
About Calhoun Vision
Calhoun Vision, Inc. is the global leader in adjustable intraocular lens technology. Calhoun's proprietary technology utilizes light to enable surgeons to change the power of a lens after it has been implanted. This offers the potential to provide unparalleled visual outcomes and customization to the specific visual needs of each patient.
The Light Adjustable Lens (LAL®) is an investigational device and is not approved or cleared for sale within the U.S. Limited by Federal law to investigational use.