RadianceTx (USA), a leader in ophthalmic therapeutic innovation, announced a $1 million first tranche closing of a targeted $7 million round of financing.
The investment will be used to fund development of the Company’s Beta Ophthalmic System for delivery of beta irradiation therapy to improve glaucoma surgery outcomes. Validated in three clinical studies conducted by preeminent ophthalmic research teams, beta therapy has been shown to improve glaucoma surgery outcomes. A recent study reported odds ratios that beta irradiation therapy patients were five and a half times more likely to experience lower intraocular pressure at the end of one year than patients treated with the current standard of care.
Glaucoma is the leading cause of irreversible blindness. The most successful way to prevent vision loss from glaucoma is to lower intraocular pressure with drainage surgery; this surgery shunts fluid out of the eye through a channel created during a trabeculectomy procedure or by a flow-controlled drainage device placed during Minimally Invasive Glaucoma Surgery (MIGS). Despite compelling therapeutic advantages over nonsurgical treatments, drainage surgery and devices are clinically limited by postoperative scarring. RadianceTx’s Beta Ophthalmic System is designed to apply beta therapy to the surgical site to down-regulate fibroblasts that cause scar tissue, keeping the channel open and maintaining reduced intraocular pressure.
A device solution, the new RadianceTx Beta Ophthalmic System is designed to optimize surgical workflow efficiency by requiring only 25 seconds for beta therapy application, minimizing stray dosing to non-target tissues, and eliminating medical staff exposure to hazardous chemotherapy drugs.
Radiance Therapeutics (Tucson, Arizona, USA) is a clinical stage ophthalmology company focused on commercializing a clinically demonstrated novel anti-