MENLO PARK, Calif., March 18, 2020 /PRNewswire/ — Sight Sciences, Inc., a growth-stage medical device company transforming the two fastest growing segments in ophthalmology and optometry, glaucoma and dry eye disease, today announced the closing of an over $30 million Series E Preferred Stock financing round led by D1 Capital Partners. Proceeds will be used for continued clinical and operational development and to support commercial expansion for Sight Sciences’ OMNI® and TearCare® products.
“Sight Sciences has introduced two technologies that have fundamentally improved how physicians can treat two of the most prevalent eye diseases. In minimally invasive glaucoma surgery the safety, efficacy and versatility of the OMNI device is unmatched,” said James Rogers, analyst at D1 Capital Partners. “Additionally, we feel the early success with the commercialization of TearCare suggests this innovative and effective solution has addressed the shortfalls of previous dry eye treatments and modalities for this common ailment.”
Glaucoma affects 80 million people globally and is the leading cause of irreversible blindness in the aging world population. Dry eye disease afflicts 350 million people globally and is the leading cause of visits to an eye care provider.
“D1 is truly a perfect fit for our company at this stage, combining the scale, market reach, investment talent and operational acumen of a large, premier asset manager with the flexible mandate and long-term investment horizon of a family office.”
“We are thrilled to be closing a significant growth investment round with D1,” said Jesse Selnick, CFO of Sight Sciences. “D1 is truly a perfect fit for our company at this stage, combining the scale, market reach, investment talent and operational acumen of a large, premier asset manager with the flexible mandate and long-term investment horizon of a family office.”
Founded by Daniel Sundheim in 2018, D1 currently has $10 billion of capital under management and invests in the global internet, technology, telecom, media, consumer, healthcare, industrial, and real estate sectors. Sight Sciences represents the third late-stage private healthcare investment made by D1 in the last 18 months.
“We are extremely excited to partner with D1 over the long term,” said Paul Badawi, founder and CEO of Sight Sciences. “This investment further validates the substantial progress we have made in our mission to transform the treatment of the world’s most prevalent eye diseases. Through further clinical trials and continued scale-up of our commercial infrastructure, we are looking forward to accelerating the market development of both standalone MIGS with OMNI and procedure-based dry eye therapy with TearCare.”
About OMNI® Surgical System
The OMNI© Surgical System is a manually operated device for delivery of small amounts of viscoelastic fluid, for example Healon® or HealonGV® from Abbott Medical Optics (AMO), Amvisc® from Bausch & Lomb, or PROVISC® from Alcon, during ophthalmic surgery. It is also indicated to cut trabecular meshwork tissue during trabeculotomy procedures.
The OMNI® System should not be used in cases where there is insufficient visualization of the anterior chamber. The following conditions may prohibit sufficient visualization required for safe and successful cannula and microcatheter placement: corneal edema, corneal haze, corneal opacity, or any other conditions that may inhibit surgeon view.
The OMNI® Surgical System is a tool, not a treatment, and is indicated for use as specified above; it is not specifically cleared by the FDA to lower intraocular pressure in patients with open angle glaucoma.
The TearCare® System is indicated for the application of localized heat when the current medical community recommends the application of a warm compress to the eyelids. Such applications would include Meibomian Gland Dysfunction (MGD), Dry Eye, or Blepharitis.
About Sight Sciences
Founded in 2011, Sight Sciences has developed, and is now commercial with intelligently designed and engineered products that target the underlying causes of the world’s most prevalent eye diseases. The company’s surgical glaucoma product portfolio features the OMNI® Surgical System, a dually-indicated device that facilitates the performance of both trabeculotomy and transluminal viscoelastic delivery. Using proprietary multi-modal functionality, OMNI allows surgeons to target of all three sources of resistance in the conventional outflow pathway (trabecular meshwork, Schlemm’s canal, and collector channels) with a single device and single corneal incision.
The company’s non-surgical Dry Eye product portfolio consists of TearCare® for ophthalmologists and optometrists. TearCare is a software-controlled, wearable eyelid technology that delivers highly targeted and adjustable heat to the meibomian glands of the eyelids. Leveraging the full functionality of the blinking eye, proprietary SmartLid™ technology is designed to facilitate natural meibum expression when meibum is in its softened phase. TearCare’s innovative, “equipment-light” product design and the intuitive procedure it facilitates create a highly attractive clinical and economic model for eye care providers.
OMNI® and TearCare® are registered trademarks of Sight Sciences.
© 2019 Sight Sciences. All rights reserved.