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NovaVision garners $12 M

si Team
Friday, April 1, 2005
si Team
NovaVision, a Boca Raton based medical therapeutic software maker, has raised $12 million through venturing financing. Based on a decade of scientific research, NovaVision has developed innovative methods of medical examination and treatment for people with impaired visual fields. NovaVision VRT (Vision Restoration Therapy)—a proprietary therapy—uses patented and FDA-cleared technology to deliberately stimulate partially damaged neurons and has restored lost vision in over 65 percent of patients treated.

“The financing will be used to open 20 vision restoration centers around the country,” said Navroze Mehta, Chief Executive of NovaVision. Tullis-Dickerson and Co. of Greenwich, CT.

Noro-Moseley Partners of Atlanta, made the largest investment, while Crossbow Ventures of West Palm Beach also participated in the round maintaining its previous injection.

Previously, NovaVision got $6 million in August 2003 and $2 million early last year to gain approval from the U.S. Food and Drug Administration for its new eye therapy for stroke and trauma victims and to launch it into the marketplace.

The privately held NovaVision completed its third round of financing in less than two years and added Tullis-Dickerson as a new financial partner in the process.


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