iStar Medical SA raises €40.1m

Earlybird and BNP Paribas Fortis Private Equity and existing shareholders including Capricorn Partners, Walloon Region Investment Fund (SRIW) and Belgian Federal Investment Fund (SFPI?FPIM) also participated in the financing round.

The company said it will use the proceeds to push the commercialisation of iSTAR Medical’s MINIject device, a micro-invasive glaucoma surgery (MIGS) transplant that reduces intraocular pressure by increasing aqueous humour outflow from the anterior chamber to the supraciliary space, in Europe and the US. According to the 2018 Glaucoma Surgical Device Report, MIGS transplant will see huge growth (CGAR 33%) in the next few years reaching a global revenue of $1.1bn by 2023.

Glaucoma is the second leading cause of adult blindness globally affecting more than 92 million people. 

Data from the first-in-human STAR-I trial for the MINIject device in a standalone setting demonstrated that it is safe and effective. MINIject uses the STAR^® material, a soft and flexible, medical-grade silicone with a micro-porous, multi-channel geometry, which has been shown to have anti-fibrotic properties. The company suggests this would minimise scarring and maintain implant performance, improving long-term outcomes. The 18-month results of MINIject will be presented in detail on Friday, 13 September 2019, during Glaucoma Day at the ESCRS congress in Paris, France.