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EyeTechCare Raises EUR 7.5M in a Second Funding Round and Speeds up its Development

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EyeTechCare SA, which is developing non-invasive therapeutic medical devices using ultrasound technology, announces the completion of a EUR 7.5 million funding round. The funds were provided by Lyon-based insurance company SHAM, a first time investor, and Credit Agricole Private Equity (CAPE), one of EyeTechCare’s existing shareholders. Aelios Finance and MAGS acted as advisers to the company, while Morgan Lewis acted for the investors.

“We were favourably impressed by the EyeTechCare team, whose innovative medical device should fill a major therapeutic void in the treatment of glaucoma and could prove a real technological breakthrough in overcoming this disease,” said SHAM’s head of investments, Olivier Szymkowiak. SHAM subscribed EUR 3 million to the financing.

Credit Agricole Private Equity, one of France’s leading venture capital firms, provided the balance of EUR 4.5 million. “We have been following EyeTechCare’s development since it was founded in July 2008, when we first invested in the company,” said Alexia Perouse, partner at Credit Agricole Private Equity. “What its management has succeeded in doing in less than two years convinced us of the company’s potential. We believe that EyeTechCare will succeed in bringing this new therapy for glaucoma to the world market within the next three years, which will bring a major change in the treatment of this disease.”

In its first funding round in July 2008, EyeTechCare raised EUR 1.2 million from Credit Agricole Private Equity and CEA-Investissement, which enabled it to complete preclinical studies of its device for the treatment of glaucoma.

The funds raised in this second financing will be used to complete the first clinical trial in man, as well as establish the manufacturing facilities and the sales and marketing force required for this first product, whose market launch is scheduled for early 2011.

“We are delighted to welcome SHAM as a shareholder and are also grateful to our existing investor, Credit Agricole Private Equity, for its renewed support,” said the Chairman of EyeTechCare, Fabrice Romano. “This funding gives us the resources we need to complete our first trial in man and to lay the foundations for the commercialization of EyeOP1. We aim to break even in 2013.”