point
Menu
Magazines
Browse by year:
NovaVision garners $12 M
si Team
Friday, April 1, 2005
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.

NovaVision employs 21 people in Boca and 17 in Berlin, where its research is being done. The company, started in the U.S. in 2003 by acquiring a German firm, and hopes to be profitable in 2006. NovaVision currently operates in seven states. Mehta said the company plans to consider new sites in the Midwest and West. The company’s therapy now is practiced at clinics including the University of Miami’s Bascom Palmer Eye Institute, Emory Healthcare Eye Center in Atlanta and the Neurological Institute of New York at Columbia University Medical Center in New York.

Twitter
Share on LinkedIn
facebook