MacuLogix® Raises $38.7 Million in Series D Financing Led by Vivo Capital
Investment will accelerate domestic and international sales through expansion of workforce and company infrastructure
HARRISBURG, Pa., March 4, 2019 (Newswire.com) - MacuLogix, Inc., the only company to equip eye care professionals with the instrument, tools and education needed to effectively diagnose and treat patients with age-related macular degeneration (AMD), today announced it completed a Series D round of financing totaling $38.7 million. The investment was led by new investor Vivo Capital with participation from existing investors, Fisk Ventures, Roche Venture Fund, Berwind Private Equity and Life Sciences Greenhouse of Central Pennsylvania. To date, MacuLogix has raised a total of $51 million in venture funding plus $10 million in venture debt.
“AMD is the leading cause of adult blindness in the Western world because we haven’t had the technology or tools to effectively detect and manage this progressive, chronic disease – until now. Our company is determined to see AdaptDx functional testing become the standard of care, enabling eye care professionals to detect, treat and manage AMD earlier and more effectively,” said William D. McPhee, President and CEO of MacuLogix. “With this funding and the addition of Vivo Capital, we are fully backed by a strategic group of investors who support our company’s vision to eliminate blindness caused by AMD.”
This funding will be used to further expand the MacuLogix team and company infrastructure to support the growing sales and practice integration efforts of the AdaptDx automated dark adaptometer, both domestically and internationally. With this round of funding, Jack B. Nielsen, Managing Director of Vivo Capital, Nathan Dau, Principal of Vivo Capital, and Carole Nuechterlein, Head of Roche Venture Fund will join the MacuLogix Board of Directors. The remaining Board members are:
· William D. McPhee, President and CEO, MacuLogix
· Gregory R. Jackson, Ph.D., Co-founder and Chief Technology Officer, MacuLogix
· Stephen L. Rose, Managing Director of Fisk Ventures, LLC
· Ronald P. Thiboutot, Ph.D., SVP of Science and Technology, Life Sciences Greenhouse of Central Pennsylvania
“Maculogix is entering a rapid commercial expansion phase and is a very good fit for our investment strategy,” said Jack B. Nielsen, Managing Director of Vivo Capital. “The AdaptDx is uniquely situated to help patients being diagnosed at an early stage of AMD and enable better and earlier monitoring and treatment of the disease.”
New Harbor Venture Partners acted as the exclusive placement agent in this transaction.
MacuLogix, Inc. equips eye care professionals with the instrument, tools and education needed to effectively diagnose and treat patients with AMD. By leveraging the science of dark adaptation through its AdaptDx®, MacuLogix is working to eliminate preventable blindness caused by AMD, a chronic, progressive disease that impacts over 170 million people worldwide and goes undiagnosed in 25 percent of patients. The AdaptDx dark adaptometer enables eye care professionals to detect, monitor and treat AMD three years before it can be seen clinically. MacuLogix provides in-practice training and treatment best practices to support the implementation and optimization of the AdaptDx.
About Vivo Ventures
Vivo Capital is a healthcare investment firm that focuses on investments in public and private healthcare companies in the United States, Europe, and China. Founded in 1996, Vivo invests across the healthcare sector and at all stages in a company’s development from late-stage venture to growth equity and cross-border buyout deals. Vivo manages over USD$3 billion in assets and has dedicated offices in Palo Alto, Beijing, Shanghai, and Taipei complemented by satellite personnel in Boston and Hong Kong.
Source: MacuLogix, Inc