ReVision Optics, Inc. announced that it has secured a $10 million credit facility from Square 1 Bank. RVO announced receipt of U.S. Food and Drug Administration (FDA) approval for its Raindrop® Near Vision Inlay for the surgical correction of presbyopia on June 29, 2016. Proceeds from the credit facility will be used for working capital purposes including commercial operations.
“We are delighted to secure this credit facility with Square 1 Bank,” said John Kilcoyne, RVO President and Chief Executive Officer. “This is clearly a very exciting time at RVO as we build our commercial infrastructure in preparation for the U.S. launch of the Raindrop Near Vision Inlay late this month.”
Rilus Graham, Senior Vice President in Square 1’s life sciences practice, added, “RVO’s innovative solution for presbyopia has produced excellent post-treatment outcomes and high rates of patient satisfaction. Square 1 is excited to support RVO’s future strategic growth opportunities and commercialization efforts.”
The Raindrop Near Vision Inlay is comprised of approximately 80% water and has a refractive index very similar to the cornea. It is placed in the cornea of the non-dominant eye during a 10-minute procedure and is transparent, therefore does not restrict the amount of light reaching the retina. The reshaping of the anterior curvature of the cornea improves near vision.
ReVision Optics, Inc. focuses on the development and commercialization of innovative optical solutions dedicated to presbyopic vision correction. The company’s Raindrop Near Vision Inlay offers a unique, patented refractive surgery solution. The Raindrop Near Vision Inlay improves near vision that has been lost through the eye’s natural aging process called presbyopia. The Raindrop Near Vision Inlay provides an ideally suited surgical option for near vision enhancement.
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC.