US-based medical device developer Ivantis has closed a $25m series C round healthcare technology producer Institut Mérieux and healthcare providers Ascension Health and MemorialCare Health System.
The corporates participated through subsidiaries Mérieux Développement, Ascension Health Ventures and MemorialCare Innovation Fund, alongside investment manager RA Capital Management, which led the round, New Enterprise Associates (NEA), Delphi Ventures, Foresite Capital and GBS Ventures.
Ivantis is developing products to treat glaucoma. Its lead product, the Hydrus Microstent, is a device the size of an eyelash that is placed in a patient’s eye through a minimally invasive microsurgery procedure to reduce eye pressure.
The series C funding will support the company’s activities through 2020 and enable the commercialisation of the Hydrus Microstent in the US following the anticipated regulatory approval of the Food and Drug Administration in 2018.
Ivantis previously closed a $71m series B round, raised over four tranches, in 2014, which included Ascension Health Ventures, MemorialCare Innovation Fund, EDBI, Vertex Ventures, Foresite Capital, NEA, Delphi and GBS.
NEA had originally incubated Ivantis, which was founded in 2007, before contributing to the company’s $17m series A round in 2011.
– The original version of this article appeared on our sister site, Global Government Venturing.