Allotex Secures Funding for Allogeneic Presbyopia Inlays

Allotex and SpA announced the first close of its $30 million Series B financing to support the further development of its technology for the treatment of refractive errors. The investment was driven by 4-year data on presbyopia and hyperopia treatments, confirming significant improvement in visual acuity and the potential to dominate the surgical treatment market for presbyopia.

The new, 7 minute procedure is performed in an outpatient setting and has demonstrated a dramatic 5 lines of improvement in near vision, with no reported impact on binocular distance vision. Allotex said this advancement could prove transformative for the 135 million emmetropes across the United States and the European Union, providing a quick and efficacious treatment option.

“As a surgeon, nothing is more rewarding than making a real, palpable difference in people’s lives, and Allotex’s tissue addition technology enables just that,” Prof. Aylin Kilic, principle investigator of the EU clinical trials, said in a company news release.

Allotex has clearance to commercially launch its product, TransForm, in the European market through its Italian group, and expects to begin sales in early 2024. In addition, the company anticipates that it will start FDA clinical trials at a number of sites across the US in 2024.

Commenting on the potential impact of tissue addition technology for the treatment of presbyopia, Vance Thompson, MD, the company’s Medical Monitor, said, “Allogeneic corneal inlay surgery overcomes the biocompatibility issues that troubled the synthetic corneal inlays and is a significant step forward for our patients suffering from presbyopia.”

The Series B preferred stock financing was led by KCK Medtech was joined by Panakes, Supernova Invest and Exor Ventures.

For more information about Allotex, visit www.allotex.com.