The round was led by KCK Group with participation from MidCap Financial, a middle-market lender to healthcare companies that is managed by Apollo Capital Management, L.P.
MidCap and Sight Sciences entered into a $25m debt facility earlier in 2019. The $56m of total financing proceeds are being used to accelerate the growth of the OMNI® Surgical System and TearCare® System in the United States, to develop a global commercial infrastructure in select international markets, to conduct additional clinical trials across the entire product portfolio, and to develop a pipeline of innovations in new ophthalmic categories.
Founded in 2011, Sight Sciences has developed and now provides products that target the underlying causes of the world’s most prevalent eye diseases. The company’s surgical glaucoma product portfolio features the OMNI® Surgical System, a dually-indicated device that facilitates the performance of both trabeculotomy and transluminal viscoelastic delivery. Using proprietary multi-modal functionality, OMNI® allows surgeons to target of all three sources of resistance in the conventional outflow pathway (trabecular meshwork, Schlemm’s canal, and collector channels) with a single device and single corneal incision.
The non-surgical Dry Eye product portfolio consists of TearCare® for ophthalmologists and optometrists. TearCare® is a software-controlled, wearable eyelid technology that delivers highly targeted and adjustable heat to the meibomian glands of the eyelids. Leveraging the functionality of the blinking eye, proprietary SmartLid™ technology is designed to facilitate natural meibum expression when meibum is in its softened phase.
Upon closing, Valeska Schroeder, Managing Director of KCK Medical Technologies Group, has joined Sight Sciences’ Board of Directors together with co-founder and Chief Executive Officer Paul Badawi, co-founder Dr. David Badawi, Staffan Encrantz of Allegro Investment Fund, Mack Hicks of Hicks Holdings and Carter Meyer of Scientific Health Development.
FinSMEs
05/09/2019