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LensGen Closes on $10M in Financing

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IRVINE, CA — LensGen Inc., an ophthalmic medical device company and developer of Juvene, a disruptive fluid-optic intraocular lens for cataract and presbyopia treatment, has closed on $10 million in financing. The money represents the intial half of $20 million in bridge financing.

The financing was led by the corporate venture investment arm of HOYA Group and is part of a larger Series B financing planned for early 2021 that will fund the company through approval of Juvene IOL pivotal FDA study.

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“We are pleased that LensGen continues to make excellent progress towards advancing their IDE approval process and position the company for initiation of Phase I FDA study,” said Akiteru Furukawa, general manager, Hoya Corporate Venture Capital Group.

Ramgopal Rao, CEO and founder of LensGen, said, “We are delighted to attract additional investment from an experienced ophthalmology and corporate strategic investor like HOYA in order to advance into the pivotal stage of our FDA clinical study and bring to market an innovative and elegant solution for treating cataracts and presbyopia.”

The company also announce the election of James (Jim) Mazzo to its board of directors.

With over 40 years of experience building and advancing world-class ophthalmic organizations, Mazzo joins the LensGen board as one of the industry’s most respected leaders. He serves on the ASCRS Governing Board and the AAO Foundation Advisory Board and is an executive committee member of the Medical Device Manufacturers Association and is founder and chairman of Octane.

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“LensGen has a unique platform technology that I believe represents the future of cataract and lens replacement surgery,” said Mazzo. “I am looking forward to working with this innovative and dedicated team of professionals and leading surgeons around the world to bring better lens implant treatment options to patients.”

Rao stated: “We are proud to invite an eminent industry leader of Jim Mazzo’s caliber to our board. Jim’s knowledge of the ophthalmic community and commitment to excellence fits ideally with our culture and passion for true innovation and collaborating with eye care professional to provide them with the best solutions for their patients.”

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