iSTAR Medical announces EUR 40.1 million financing round lead by Gimv to support further development of an innovative glaucoma treatment
iSTAR Medical SA, a Wavre-based private medical device company developing novel ophthalmic implants for the treatment of glaucoma, today announces the completion of a EUR 40.1 million Series C financing. The financing was led by Gimv and LSP (Life Sciences Partners), with participation by Earlybird and BNP Paribas Private Equity. Gimv will invest EUR 10 million in total. Existing shareholders including Capricorn Partners, Walloon Region Investment Fund (SRIW) and Belgian Federal Investment Fund (SFPI‐FPIM) also participated. This financing will support iSTAR Medical’s development towards commercialisation of its MINIject device in Europe and US.
iSTAR Medical (https://www.istarmed.com) was founded in 2011 and is a clinical-stage, medical technology company focused on the development of novel ophthalmic implants for patients with glaucoma. Glaucoma is the second leading cause of adult blindness globally affecting more than 92 million people worldwide and driven by an increase in intraocular pressure. Micro-invasive glaucoma surgery (MIGS) is the most promising and fastest-growing therapeutic option in the treatment of glaucoma. iSTAR Medical’s MINIject, an ab-interno MIGS implant, provides a powerful and reliable solution to safely reduce intraocular pressure (IOP) by enhancing aqueous humour outflow from the anterior chamber to the supraciliary space, and has been designed to be a best-in-class MIGS device. Unlike other technologies, MINIject uses the innovative STAR® material, a soft and flexible, medical-grade silicone with a micro-porous, multi-channel geometry.
Bram Vanparys, Partner in Gimv’s Health & Care team, says: “We are looking forward to help building iSTAR Medical to become the leading player in the MIGS field. With the support and expertise of a solid specialized Life Science syndicate, iSTAR Medical now has all the tools to leverage and expand the excellent clinical results of the MINIject. We look forward to support the company in its further development of the MINIject in Europe and the upcoming US pivotal trial.”
This investment marks Gimv’s continued activity in the life sciences sector. With the recent successful exit of Breath Therapeutics and the substantial capital raise in AgroSavfe, the Health & Care platform is committed to further expand the life sciences portfolio.
For more information on this transaction, we refer to the press release of iSTAR Medical in attachment.