{"id":489,"date":"2019-09-04T19:57:57","date_gmt":"2019-09-04T16:57:57","guid":{"rendered":"https:\/\/www.sightsciences.com\/us\/?p=489"},"modified":"2019-09-04T19:57:57","modified_gmt":"2019-09-04T16:57:57","slug":"sight-sciences-raises-56m-of-growth-capital-to-lead-the-development-of-the-standalone-migs-market-and-procedure-based-dry-eye-market","status":"publish","type":"post","link":"https:\/\/www.sightsciences.com\/us\/sight-sciences-raises-56m-of-growth-capital-to-lead-the-development-of-the-standalone-migs-market-and-procedure-based-dry-eye-market\/","title":{"rendered":"Sight Sciences Raises $56M of Growth Capital to Lead the Development of the Standalone MIGS Market and Procedure-Based Dry Eye Market"},"content":{"rendered":"

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 $31 million in Series D Preferred Stock financing led by KCK Group, a leading investor in high growth medical technology companies. MidCap Financial, a prominent middle-market lender to healthcare companies that is managed by Apollo Capital Management, L.P., and has over $20 billion of commitments under management, also participated in the equity raise. MidCap and Sight Sciences entered into a $25 million debt facility earlier in 2019. The $56 million of total financing proceeds are being used to accelerate the growth of the OMNI\u00ae Surgical System and TearCare\u00ae System in the United States, to develop a global commercial infrastructure in select international markets, to conduct additional clinical trials across the entire product portfolio, and to develop a pipeline of innovations in new ophthalmic categories.<\/p>\n

\u201cSight Sciences has created one of the most innovative approaches to surgical glaucoma in decades,\u201d said Valeska Schroeder, Managing Director of KCK Medical Technologies Group. \u201cIt became clear in our diligence that surgeons across the United States are rapidly adopting OMNI\u00ae as their preferred MIGS device. By targeting all three sources of outflow resistance in the conventional outflow pathway, OMNI\u00ae is uniquely capable of opening up the highly anticipated and substantial \u2018Standalone MIGS\u2019 market. KCK is also excited about Sight Sciences\u2019 recent launch of TearCare\u00ae, the only wearable, open-eye device in the underserved and rapidly emerging evaporative dry eye space. KCK is looking forward to partnering with Sight Sciences as they lead the development and expansion of these two rapidly emerging markets.\u201d<\/p>\n

\u201cWe could not be more thrilled than to have KCK as our lead growth equity investor and MidCap as our debt capital provider,\u201d said Jesse Selnick, Chief Financial Officer of Sight Sciences. \u201cKCK\u2019s unmatched breadth of high growth medtech investment and operating experience, which includes successful and disruptive market development work, is truly the perfect match for where we are in our Company\u2019s evolution. We look forward to long and successful partnerships with our key stakeholders and to continue upon the substantial commercial and product development progress Sight Sciences has made over the past year.\u201d<\/p><\/blockquote>\n

\u201cThe OMNI\u00ae Surgical System has had great success in the established MIGS market in combination with cataract surgery and its use is expanding organically and quickly into Standalone MIGS,\u201d added Shawn O\u2019Neil, Chief Commercial Officer of Sight Sciences. \u201cOn the vision care side of the business, the early, yet substantial, market receptivity for TearCare\u00ae implies a solid product-market fit and compelling demand in the underserved and rapidly emerging evaporative dry eye space. We\u2019re looking forward to successfully developing and leading the Standalone MIGS market and Procedure-Based Dry Eye market with this growth capital infusion and partnership with KCK.\u201d<\/p>\n

Upon closing, Valeska Schroeder has joined Sight Sciences\u2019 Board of Directors together with co-founder and Chief Executive Officer Paul Badawi, co-founder Dr. David Badawi, Staffan Encrantz of Allegro Investment Fund, Mack Hicks of Hicks Holdings and Carter Meyer of Scientific Health Development.<\/p>\n

About Sight Sciences<\/strong>
\nFounded in 2011, Sight Sciences has developed, and is now commercial with intelligently designed and engineered products that target the underlying causes of the world\u2019s most prevalent eye diseases. The Company\u2019s surgical glaucoma product portfolio features the OMNI\u00ae Surgical System, a dually-indicated device that facilitates the performance of both trabeculotomy and transluminal viscoelastic delivery. Using proprietary multi-modal functionality, OMNI\u00ae allows surgeons to target of all three sources of resistance in the conventional outflow pathway (trabecular meshwork, Schlemm\u2019s canal, and collector channels) with a single device and single corneal incision.<\/p>\n

The Company\u2019s non-surgical Dry Eye product portfolio consists of TearCare\u00ae for ophthalmologists and optometrists. TearCare\u00ae 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\u2122 technology is designed to facilitate natural meibum expression when meibum is in its softened phase. TearCare\u2019s innovative, \u201cequipment-light\u201d product design and the intuitive procedure it facilitates create a highly attractive clinical and economic model for eye care providers.
\nFor more information, please visit sightsciences.com.<\/p>\n

About TearCare\u00ae<\/strong>
\nThe TearCare\u00ae 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.<\/p>\n

About OMNI\u00ae Surgical System<\/strong>
\nThe OMNI\u00ae Surgical System is a manually operated device for delivery of small amounts of viscoelastic fluid, for example Healon\u00ae or HealonGV\u00ae from Abbott Medical Optics (AMO), Amvisc\u00ae from Bausch & Lomb, or PROVISC\u00ae from Alcon, during ophthalmic surgery. It is also indicated to cut trabecular meshwork tissue during trabeculotomy procedures.
\nThe OMNI\u00ae 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.
\nThe OMNI\u00ae 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.<\/p>\n

TearCare\u00ae and OMNI\u00ae are registered trademarks of Sight Sciences.
\n\u00a9 2019 Sight Sciences. All rights reserved.<\/p>\n

MEDIA CONTACT:
\nKelly Bassett
\nWhistle Communications\/Schaefer Advertising for Sight Sciences
\nkelly@whistlepr.com
\n214-403-8472<\/p>\n","protected":false},"excerpt":{"rendered":"

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 $31 million in Series D Preferred Stock financing led by KCK Group, a leading investor in high growth medical technology companies. 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