Glaukos, a medical device manufacturer based in Laguna Hills, California, announced that it was able to pull in $30 million in a venture financing round. According to information from the Securities and Exchange Commission (SEC), the latest financing round was led by OrbiMed, InterWest and Meritech.
In June of 2012, Glaukos received approval from the United States Food and Drug Administration for its iStent system. The iStent is a microinvasive surgical device designed to prevent the buildup of eye pressure during cataract surgeries in patients suffering from glaucoma. Since June of last year, the company has been actively working through the process of commercializing the device. The latest $30 million funding round will likely play a significant role in the company’s ability to deliver its product.
According to a press release, the iStent system is the first microbypass device that is designed for drainage during an intraocular surgery. By creating a permanent opening in a patient’s trabecular meshwork, the device can help prevent a pressure buildup in the eye that can lead to significant nerve damage and blindness.
As of now, Glaukos is the only company manufacturing a device in this class. However, another California company, Ivantis, recently raised $27 million to support four clinical studies of its microstent system. Glaukos will not hold its place as the only participant in the microstent market for long.