TearScience Raised the Largest 2010 Med Tech Venture Capital Funding in Southeast
MORRISVILLE, N.C.,—December 21, 2010—TearScience, Inc., a privately-held medical device company, today announced that it has received the Southeast Deal of the Year Venture Capital Transaction Award from Southeast BIO (SEBIO), a nonprofit organization that fosters the growth of the life sciences industry in the U.S. Southeastern region. TearScience was recognized for having raised $44.5 million Series C financing in May, 2010. TearScience’s C round investors included Essex Woodlands Health Ventures, Investor Growth Capital, General Catalyst, De Novo Ventures, Spray Ventures and Quaker BioVentures.
“TearScience has achieved outstanding success in 2010 and it is a pleasure to honor them,” said SEBIO 2010 Awards committee member Aaron Davidson, managing director with H.I.G. BioVentures. “We have high hopes for TearScience in the future and believe that they are a shining example of the many strong companies we have in the Southeast.”
“TearScience’s funding was the largest med tech venture capital funding in North Carolina and in the Southeast in 2010,” said Cindy Clark, president of ibiliti, the new Center of Innovation for North Carolina’s advanced medical technologies industry.
TearScience has pioneered treatment for evaporative dry eye, the most common form of dry eye disease. The company’s LipiFlow® device was designed for use by eye care professionals to treat meibomian gland dysfunction (MGD). MGD reduces the lipid (oils) in the eye’s natural tear film. TearScience has obtained the CE Mark for distribution in the European Union and Canadian medical device licenses for its devices and will begin commercializing in Europe and Canada in early 2011. TearScience is currently seeking U.S. FDA clearance for its treatment device.
Of the more than 100 million dry eye sufferers worldwide, approximately 65 percent have evaporative dry eye. Dry eye experts believe that an effective evaporative dry eye treatment needs to address deficiencies of the protective oily lipid layer of natural tears. TearScience’s integrated, in-office system is the first to enable eye care professionals to address this root cause of evaporative dry eye.
“This is quite an honor for TearScience to receive this prestigious award,” said Tim Willis, chief executive officer and co-founder of TearScience. “Awards such as this help instill confidence in TearScience and help us spread the word on our breakthrough technology for treating chronic dry eye disease. By partnering closely with ophthalmologists, we can improve the lives of millions of patients afflicted with dry eye disease.”
About TearScience, Inc.
Headquartered in Morrisville, North Carolina, TearScience has pioneered devices that provide significant clinical improvement in the treatment of evaporative dry eye. Of the more than 100 million dry eye sufferers worldwide, approximately 65 percent have evaporative dry eye, which is caused by meibomian gland dysfunction and a lipid deficiency of the eye’s natural tear film. TearScience’s integrated, in-office system is the first to enable eye care professionals to address a root cause of evaporative dry eye. For additional information, visit www.tearscience.com.