Luminopia Raises Money to Support Full Commercial Rollout of Amblyopia Therapeutic
Luminopia announced it has raised an additional $16 million in new capital to support the full commercial rollout later this year of the company’s lead product, Luminopia, a software-based therapeutic for amblyopia, the leading cause of vision loss among children. Luminopia was approved by the FDA through the De Novo pathway in October 2021 and is currently available for prescription-use only through eye care professionals.
Luminopia is indicated for improvement in visual acuity in children, aged 4-7 with amblyopia associated with anisometropia and/or with mild strabismus. Luminopia allows patients to watch therapeutically modified TV shows and movies to improve their vision within a virtual reality (VR) headset and is the first FDA-approved digital therapeutic for children with amblyopia. Luminopia is also unique among prescription digital therapeutics, as its mechanism of action has a direct treatment effect on patients’ vision. During the phase 3 pivotal trial, Luminopia improved vision by 1.8 lines on an eye chart in 3 months, according to a company news release.
“We are thrilled to announce the successful close of our oversubscribed Series A round, which will allow us to advance our mission of pioneering a new class of treatments for the 15 million Americans who suffer from neuro-visual disorders,” said Scott Xiao, Co-Founder and CEO of Luminopia. “This significant investment not only reinforces the potential of our clinically validated amblyopia treatment, but also enables us to bring the first new therapy in decades to patients across the U.S. We are grateful to our investors for their support and belief in our vision.”
U.S. Venture Partners (USVP) led the oversubscribed Series A financing round, with participation from new investor Broadfin Advisors, as well as support from existing investors, ShangBay Capital and Vertical Group. With the closing of the round, Casey Tansey, General Partner at USVP, will join Luminopia’s Board of Directors.