VisionCare Ophthalmic Technologies completed a venture-backed financing.
Proceeds from the financing will be used to double its sales team; expand marketing activities; and accelerate commercialization of its Implantable Miniature Telescope — an implant approved for end-stage age-related macular degeneration — and its treatment program for end-stage AMD, CentraSight.
In November, VisionCare announced that CMS will reimburse the telescope implant under a revised Ambulatory Payment Classification designation.
"Also, effective January 1, surgeons will be able to provide their patients access the ambulatory surgical centers, where more than 75 percent of ophthalmic surgeries are conducted. These are important developments and this financing provides the working capital needed to quickly double our sales team, expand our marketing programs and accelerate market adoption," said Allen Hill, CEO of VisionCare.
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