VisusNano, a medtech start-up company has been awarded 1.39 million dollars in the non-dilutive funding from the Innovate UK Biomedical catalyst programme for the purpose of further developing the MEDILens, which a drug-eluting intraocular lens implant (IOL), which is used in the patients undergoing the cataract surgery.
This funding is going to allow the team at VisusNano for the purpose of testing the safety and efficiency of MEDILens in the humans, which is the next step of getting the product to the market.
The company ‘VisusNano’ has now received the match funding form several other bodies including Discovery Park Ventures and Oxford Investment Opportunity Network (OION) Ltd and also a follow-on investment from the original investors and this commercial funding is forming a part of an A round of the 1.5 million pounds and is going to close in the second quarter.
Cataract has been the most coming cause of the treatable blindness across the world and can be treated with surgery, but with the risk of the postoperative inflammation that has been causing pain and if it is left untreated there can be loss of vision.
Dr. Joanna Gould, chief executive officer of VisusNano said, they are very happy for receiving the highly competitive Biomedical Catalyst funding from the Innovate UK and they are now looking forward to utilized the fund for accelerating the pre-clinical development of the technology and also performing the first in humans studies that have been at a critical step in the process of the approval.