Allotex Secures $30 Million Funding for Allogeneic Presbyopia Inlays
Allotex and SpA have announced the successful completion of the first close of their $30 million Series B financing. The funds raised will be utilized to further develop their technology aimed at treating refractive errors.
The decision to invest in the company was influenced by four years' worth of data on treatments for presbyopia and hyperopia, which confirmed substantial enhancements in visual acuity. This achievement positions Allotex to potentially dominate the surgical treatment market for presbyopia.
The groundbreaking procedure, lasting only seven minutes, is performed on an outpatient basis. It has exhibited a remarkable improvement of five lines in near vision, without any reported adverse effects on binocular distance vision. Allotex believes that this advancement has the potential to be a game-changer for the 135 million individuals with emmetropia in the United States and the European Union, offering them a fast and effective treatment option.
“As a surgeon, nothing is more rewarding than making a real, palpable difference in people’s lives, and Allotex’s tissue addition technology enables just that,” Prof. Aylin Kilic, principle investigator of the EU clinical trials, said in a company news release.
Allotex has received clearance to commercially introduce its product, TransForm, in the European market through its Italian division. Sales are projected to commence in early 2024. Furthermore, the company plans to initiate FDA clinical trials at multiple locations throughout the United States in 2024.
Commenting on the potential impact of tissue addition technology for the treatment of presbyopia, Vance Thompson, MD, the company’s Medical Monitor, said, “Allogeneic corneal inlay surgery overcomes the biocompatibility issues that troubled the synthetic corneal inlays and is a significant step forward for our patients suffering from presbyopia.”
The Series B preferred stock financing round, led by KCK Medtech, was joined by Panakes, Supernova Invest, and Exor Ventures.
