LAKE FOREST, Calif. & SAN DIEGO--(BUSINESS WIRE)--
ReVision
Optics®, Inc. (RVO), a leader in implantable presbyopia-correcting
corneal inlay technology, today announced that it has secured a $10
million credit facility from Square
1 Bank, a division of Pacific Western 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.
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"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."
About the Raindrop Near Vision Inlay
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.
The Raindrop Near Vision Inlay has received approval by the U.S. Food
and Drug Administration, authorization to affix the CE Mark for the
European Union, license approval by the Ministry of Food and Drug Safety
(South Korea), approval by the Therapeutic Goods Administration
(Australia), and registration with the Medicines and Medical Safety
Authority (New Zealand). Other country-specific registrations are
pending.
About ReVision Optics
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.
About Square 1 Bank
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. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp
(NASDAQ: PACW). For more information, visit www.square1bank.com.
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