Ivantis, a medical device manufacturer based in Irvine, California, announced that it had successfully raised $27 million in a Series B round of funding. The Series B round was designed to raise funds for the company’s Hydrus Microstent, a device for the treatment of glaucoma.
The Hydrus Microstent only requires a minimally invasive procedure. The small Hydrus device is inserted into the eye by a surgeon. Once implanted, the device provides relief from glaucoma by reducing pressure buildup in the eye.
The newly-raised capital at the company will be used to launch four different clinical trials in the coming year. These multi-center trials are designed in conjunction with a United States study that compares the efficacy of Glaukus’ FDA-cleared iStent and the Hydrus.
Participants in the latest funding round include New Enterprise Associates, Delphi Ventures and Ascension Health Ventures. According to information from Ivantis, the number of patients with glaucoma is expected to double by 2030.
Vat Meter is the CEO of Ivantis. In prepared remarks, he said, "Glaucoma medication in the U.S. costs our system nearly $3 billion per year, and studies show that 50% of patients are not compliant with their medications within 6 months of diagnosis." He continued, "It's a grossly inefficient delivery of care at a high cost."