Ophthonix Caps Series C Financing at $17 Million; Funds Will Support the Continued Launch of the Z-View(TM) Aberrometer and iZon(TM) Wavefront-Guided
October 11, 2005
Ophthonix Caps Series C Financing at $17 Million; Funds Will Support the Continued Launch of the Z-View Aberrometer and iZon Wavefront-Guided Lens
SAN DIEGO--(BUSINESS WIRE)--Oct. 11, 2005--Ophthonix, a company producing "high definition" vision technology that provides consumers with superior optical clarity and crispness compared to any other available vision correction, announced today it has raised $17 million in a highly oversubscribed "Series C" financing. Leading the funding round was InterWest Partners (www.interwest.com), which was joined by other premier investment firms -- Enterprise Partners Venture Capital, Kleiner Perkins Caufield & Byers, Gund Investment Corp., Trex Enterprises and Wasatch Advisors. The funding will enable further product commercialization, as well as supporting increased manufacturing capacity to meet strong market demand.
Approximately 70 percent of the adult U.S. population requires vision correction. Ophthonix commercializes two transformational technologies -- the Z-View Wavefront Aberrometer and iZon Wavefront-Guided Eyeglasses -- products that will provide consumers with superior optical clarity and crispness through truly customized spectacles.
"We're thrilled that our previous investment partners are continuing their support of this exciting technology, and pleased to have the commitment from two additional top-tier investors in InterWest Partners and Wasatch Advisors," said Ophthonix President and CEO Andreas Dreher, Ph.D. "Our initial product launch in Southern California has been very successful; both consumers and eye doctors are very pleased and have reported excellent results. We anticipate continued strong market acceptance and a smooth roll-out of our advanced vision correction technology across the rest of the U.S."
The Z-View and iZon are entrants into a $22 billion domestic ophthalmic market, and are capturing the attention of eye care practitioners and their patients alike. During the Annual Vision Expo West, one of the largest annual optical market meetings in the U.S., experts agreed that these products meet consumers' demand for optimized vision and the providers' desire for novel solutions to enhance patient care.
Market uptake for both the Z-View Aberrometer and the iZon Spectacle Lenses was highlighted by positive market feedback. More than nine out of 10 patients report a high degree of overall satisfaction with the lens.
Dreher said the acceptance of the product was particularly noteworthy since the company had met a need expressed by the market for several years. "Consumers want more than just 20/20 vision; they want 'optimized vision.' They want clearer, crisper vision and reduction of vision challenges such as halos, and starbursts during nighttime driving. We're pleased to have provided this advancement," he said.
Ophthonix's investors echoed the market enthusiasm for the company's products.
"Ophthonix has created a new standard in vision correction. We're
pleased to be a part of a successful technology that makes a
difference to millions of people around the world," said Gil
Kliman, M.D., partner at InterWest Partners.
"We have believed in this technology and its potential from the
beginning," said Drew Senyei, M.D., managing director and general
partner, Enterprise Partners. "And we also believed in the
management team and their ability to successfully launch the
"Our involvement was as straightforward as this is a great
technology that warrants smart investment; it was a very desirable
investment for our firm," stated Joe Lacob, partner, Kleiner
Perkins Caufield & Byers. "This will be THE vision correction
technology everyone will soon want," he added.
"We've always had a commitment to following technologies that help
with vision care as Gordon Gund is a co-founder of the Foundation
Fighting Blindness," said Warren Thaler, president, Gund
Investment Corp. "This technology is extremely powerful and
exciting to us all personally."
"As a leader in technology innovation for the government, our
organization recognizes products that are truly transformational.
Such is the case with the Ophthonix Z-View Aberrometer and the
iZon Lenses," noted Ken Tang, CEO, Trex Enterprises.
"We were thrilled at the opportunity to join forces with Ophthonix
and its investment partners. Ophthonix's vision care technologies
represent the future in this sector," commented Greg Bohlen,
managing director of Venture Investments for Wasatch Advisors.
Ophthonix Inc., a San Diego-based, venture-funded ophthalmic company, is developing exceptional vision assessment and correction technologies to greatly enhance visual acuity. Ophthonix is currently advancing a system that will improve the ability of optometrists and ophthalmologists to care for their patients and benefit the millions around the world requiring vision correction. Ophthonix is located at 10455 Pacific Center Court, San Diego, CA 92121, www.ophthonix.com, firstname.lastname@example.org, 858-869-2086.
About InterWest Partners
InterWest Partners (www.interwest.com), founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. With more than $2 billion of capital raised, including its new investment fund of $600 million, InterWest has 11 experienced partners in Menlo Park, Calif., and Dallas, who bring together deep domain knowledge in life sciences and information technology.
About Enterprise Partners
Celebrating its 20th year, Enterprise Partners is a venture capital firm investing in privately held early-stage and emerging companies with particular strengths in information technology, communications, life sciences and selected consumer products and services. One of the top-performing venture capital firms in the United States with over $1 billion of capital under active management, Enterprise Partners has headquarters in La Jolla, Calif., phone 858-731-0300, Web site: www.epvc.com.
About Kleiner Perkins Caufield & Byers
Kleiner Perkins Caufield & Byers is a leading venture capital partnership with headquarters in Menlo Park. The firm has backed many industry-leading companies including AOL, Google, Compaq, Genentech, Hybritech, and Netscape. Kleiner Perkins Caufield & Byers is located at 2750 Sand Hill Road, Menlo Park, CA 94025, phone: 650-233-2750, Web site: www.kpcb.com.
About Gund Investment Corp.
Gund Investment Corp. is the private investment firm of Gordon Gund. The firm invests in privately held companies as well as public securities and real estate. A prominent philanthropist, Gund is co-founder of The Foundation Fighting Blindness, a not-for-profit organization driving research to find causes, treatments and cures for retinitis pigmentosa, macular degeneration, Usher Syndrome, and other retinal degenerative diseases. Gund Investment Corp. is located at 14 Nassau Street, Princeton, NJ 08542, phone 609-921-3633.
About Trex Enterprises
Established in 1978, Trex Enterprises is a privately owned, high-tech company specializing in government and commercial R&D in the field of applied physics, as well as supporting the launch of new ventures. Among its other ventures are Cross-Fiber Inc., Lorea Corp. and e-Phocus Inc. Trex Enterprises is located at 10455 Pacific Center Court, San Diego, CA 92121, phone: 858-646-5300, Web site: www.trexenterprises.com.
About Wasatch Advisors
Wasatch Advisors, investment adviser to institutional clients and a family of mutual funds, has specialized in small-cap growth investing since 1975. Wasatch Advisors is located at 150 Social Hall Avenue, 4th Floor, Salt Lake City, UT 84111, phone 801-533-0777, Web site: www.wasatchadvisors.com