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Miles
Km80.5

   

Life Science Angels, Inc. Funds PixelOptics, Inc.


10/19/2005 5:13:22 PM

PALO ALTO, Calif., Oct 18 /PRNewswire/ -- Life Science Angels, Inc., a Bay Area angel investment group focused exclusively on early stage biotechnology and medical device companies, has closed its funding of PixelOptics, Inc. LSA is batting 1000 in its first year of operation -- all six companies presented to the membership for investment have been funded.

PixelOptics is a privately held Roanoke, Virginia company developing transformational technology to improve vision. By actively controlling the focal length of the lens electronically with no moving parts, PixelOptics improves users' ability to see in a wide variety of situations. For example, the electro-active lenses effectively address presbyopia, a common condition affecting most people over the age of 45, by replacing fixed, multi-focal lenses (such as bifocals and progressive lenses) with lenses that focus dynamically.

"PixelOptics is an ideal investment for Life Science Angels," said Greg Scott, co-founder and President of LSA. "The PixelOptics management team had successfully developed optical technologies for military and consumer applications in the past, including playing key roles in the development of Johnson and Johnson's Definity lens that was recently acquired by Essilor, the world's largest lens manufacturer," he continued. "With early functional prototypes of their electro-active technology now in place, we believe PixelOptics will lead a sea change in optical vision technology -- the upside potential is tremendous."

Ron Blum, founder and CEO of PixelOptics stated, "We were seeking a partner that could not only provide us with interim funding but also help us move the lens technology and the business forward. LSA brought a unique combination of expertise among its 80+ members, including technical and operational knowledge as well as an extensive business network that includes venture capitalist and medical device executives. We feel this will give PixelOptics the ability to move into our next development phase more quickly," Mr. Blum continued. "We believe LSA to be the premiere life science / medical device angel organization in the U.S. and are pleased and honored to have them involved."

LSA was the lead and sole participant in this round of funding which provided $465,000 in bridge financing. The funding will be used to further develop PixelOptic's electro-active technology. PixelOptics also anticipates closing a much larger round of angel and VC funding in the next few months.

About Life Science Angels:

Life Science Angels, Inc., was founded by senior life science executives and experienced angel investors as a vehicle to bring angel capital to worthy early stage life science companies. Formally launched in January 2005, LSA follows a rigorous selection and due diligence process to identify investments in emerging biotech and medical device companies with strong upside potential for its membership. All six companies that have been presented to the LSA membership this year have been funded.

LSA is sponsored by fifteen top-tier technology and service providers to the life sciences industry. Founding sponsors of the group are PricewaterhouseCoopers (New York City), Silicon Valley Bank (Santa Clara, CA), and Wilson Sonsini Goodrich and Rosati (Palo Alto, CA). LSA's current roster of sponsors lists the following firms:

BC Tech Inc. BioQuest LLC Boston Scientific Inc. The Carlock Group Centient Biotech Investor CPS-Corfac International Genentech Heffernan Insurance Brokers Horn Murdock Cole Jefferies Broadview Merrill Corp. PricewaterhouseCoopers Silicon Valley Bank Wilson Sonsini Goodrich and Rosati Windhover Information Inc.

For further information and participation criteria, visit the LSA website: www.lifescienceangels.com.

About PixelOptics:

PixelOptics, Inc., a privately-held company in Roanoke, Virginia, addresses the $50 billion global vision care industry with its electro-active optics technology platform. This patented technology enables lenses to adjust dynamically, providing optimum vision for the correction of presbyopia (known to impact 93% of the population over 45 years old) and other visual disorders. This technology in the future has the potential to provide dynamic Supervision -- the ability to see better than 20/20 or even 20/10 -- which is of great interest to the U.S. Military. For further information visit: www.PixelOptics.com.

Company Contacts: LSA Ann Gaddy Ph: 650-494-1464 agaddy@lifescienceangels.com Jennifer Larson Ph: 415-946-1074 jlarson@weisscommpartners.com

Life Science Angels, Inc.

CONTACT: Ann Gaddy, LSA, +1-650-494-1464, or agaddy@lifescienceangels.com;or Jennifer Larson, +1-415-946-1074, or jlarson@weisscommpartners.com



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