iSTAR Medical SA, a privately held ophthalmic device company and first spinout of Healionics Corporation, today announced it has raised EUR 4.0 million from institutional investors in a Series A financing. The financing was co-led by Capricorn Health-Tech Fund NV (CHF) and Societe Regionale d'Investissement de Wallonie (SRIW), and included participation from Financière Spin-off Luxembourgeoise (INVESTSUD Group) and Namur Invest - Preface.
The funds will be used primarily to support further clinical studies of iSTAR's lead product STARfloTM, an innovative ophthalmic implant for glaucoma, including plans for regulatory submission and clearance in the United States. Funds will also be used to support iSTAR's current R&D product pipeline.
The company also appointed Dr. Ekaterina Smirnyagina, Partner CHF, Philippe Degive, Investment Manager SRIW, and Dr. Max Maginness, President of Healionics, to its Board of Directors.
"This funding is a solid validation of the STAR® biomaterial technology platform and the dedicated team that introduced our first product, STARflo, to the glaucoma community," said Michel Alvarez, iSTAR founder, CEO and Director. "I look forward to advancing iSTAR together with our new finance partners and strong board members as we bring promising new options to glaucoma surgeons and their patients."
"We were impressed by the rapid progress the dynamic team of iSTAR has made in the last year," said Dr. Smirnyagina. "We look forward to working together in addressing significant unmet needs in ophthalmology."
"We are delighted to welcome iSTAR in our investment portfolio in the medtech and life sciences sector," said Mr. Degive. "We wish great success to this young and extremely dynamic company."
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