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Retina Implant AG Secures $18 Million in Second Round of Venture Capital Funding


3/2/2011 7:35:09 AM

REUTLINGEN, Germany--(BUSINESS WIRE)-- Retina Implant AG, a leading developer of subretinal implants for the visually impaired, today announced the completion of an $18 million round of venture capital funding. The funding represents reinvestment by all of Retina Implant’s initial investors and will be used this year to support the expansion of the company’s second human clinical trial—already underway—into the U.K. and Italy as well as towards the necessary preparations for gaining CE mark of its subretinal implant.

“Retina Implant’s microchip is a true breakthrough in medical technology offering those blind due to retinitis pigmentosa the chance to regain useful vision,” said Robert Drosten, one of the company’s primary investors who is participating in this round as well. “We believe the company has both the team and technology in place to deliver on this significant market opportunity and continue to be excited about working with Retina Implant as it extends its leadership position in the market.”

Retina Implant’s investors have a long standing relationship with the company as they were among the first to invest in their technology. Their investors have a proven track record of participating in various successful ventures. Drosten, for example, has helped the Drosten Group, which invests in technologies for the rail, automotive, and aerospace industries, grow to more than 1,000 employees worldwide.

The $18 million round follows an impressive year of record growth, innovation, and industry recognition for Retina Implant’s work; including Retina Implant’s inclusion in the MedGadget.com list of the 10 best new medical technologies and devices of 2010. The company began its second human clinical trial in May 2010 and positive results of its first human clinical trial were published in the renowned Proceedings of the Royal Society B journal in November 2010.

“We are pleased almost all our original investors have chosen to participate in this round of funding,” said Reinhard Rubow, CFO of Retina Implant. Dr. Walter-G Wrobel, CEO of Retina Implant, adds “The continued support of our investors provides tremendous validation toward Retina Implant’s journey to restore vision to the blind. Our team looks forward to continuing the momentum we’ve achieved to ensure our device is available quickly to patients in need.”

About Retina Implant AG

Retina Implant AG is the leading developer of subretinal implants for partially sighted and blind patients. After extensive research with German university hospitals and institutes which began with a large grant from the German Federal Ministry of Research and Education in 1996, Retina Implant AG was founded by Dr. Eberhart Zrenner and his colleagues in 2003 with private investors with the goal of developing the first fully-functioning electronic retinal implant to restore useful vision to the blind. Retina Implant began implanting in human patients in 2005, and has started a second clinical trial this year. To learn more visit http://www.retina-implant.de/.

Read at BioSpace.com

   

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