SEATTLE, March 10, 2022 /PRNewswire/ — LumiThera Inc., a commercial stage medical device company offering photobiomodulation (PBM) treatment for ocular damage and disease, today announced the completion of a debt financing with Leste Clearway and Serengeti Asset Management.
The combined financing provides $5.5M of capital to support integration, growth, and commercial expansion of the LumiThera Valeda® Light Delivery System for the treatment for dry Age-related Macular Degeneration (AMD), and the Diopsys® Electroretinography (ERG) product line, an established diagnostic and monitoring system that measures the electrical activity of the retina of the eye in response to a light stimulus.
“We are very excited to work with both Leste Clearway and Serengeti,” stated Clark E. Tedford, Ph.D., President and CEO, LumiThera. “These debt partners have the potential to further support commercial expansion of LumiThera’s product lines without typical stockholder dilution and should position the company well for a future Series D round.
About Serengeti Asset Management
Serengeti Asset Management is a value driven credit focused investment firm that provides sophisticated financing solutions to innovative private companies and their shareholders. Serengeti has approximately $1.2B of assets under management.
About Leste Clearway
Clearway is an AI powered venture debt fund that uses proprietary technology to identify and underwrite emerging venture backed technology companies in the US and Canada. Leste group, which partly owns Clearway, has approximately $1.3B of assets under management as of September 2021.
AMD is a leading cause of vision loss for people aged 65 and older. Losing central vision can make it harder to see faces, drive, or do close-up work like cooking or fixing things around the house. The overall prevalence of AMD is estimated to increase 7-fold with age, from 4.2% in those aged 45–49 years, to 27.2% in those aged 80–85 years. Globally, the prevalence is estimated to increase by 20% between 2020 (195.6 million) and 2030 (243.3 million).
Diopsys, Inc. is a leader in modern visual electrophysiology medical devices that help eye care professionals analyze the entire visual pathway for visual and neuro-visual disorders. The company provides both Visual Evoked Potential (VEP) and ERG vision testing technology. It is this technology that powers Diopsys, Inc.’s medical devices – the Diopsys® NOVA™, Diopsys® ARGOS™, and Diopsys® RETINA PLUS™ ERG and VEP Vision Testing System product series and the Enfant® Pediatric VEP Vision Testing System.
LumiThera is a commercial-stage medical device company focused on treating people affected by ocular damage and disease including dry age-related macular degeneration, a leading cause of blindness in adults over 65. The company is a leader in the use of PBM for treatment of visual disorders. The company is commercializing the office-based Valeda® Light Delivery System to be used by eyecare providers as medical treatments.
The Valeda Light Delivery System has been granted authorization to use the CE Mark by an EU Notified Body as required for commercial use in the European Union only. Valeda is not approved for use by the Food & Drug Administration (FDA) in the USA.
Visit the Company’s website at www.lumithera.com.
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SOURCE LumiThera Inc.