Vitreoretinal Technologies closes deal with De Novo Ventures

Irvine, CA-Vitreoretinal Technologies closed on an $8.8 million Series A financing with Investor De Novo Ventures and a group of private investors.

Vitreoretinal Technologies, a specialty pharmaceutical company, has drugs in its pipeline that are focused on diabetic retinopathy, glaucoma, and retinitis pigmentosa.

"All of us at De Novo Ventures are delighted to have the opportunity to invest in Vitreoretinal Technologies," said new board member Fred Dotzler. "The market potential for the three products, which will soon be administered to patients in phase III trials, is enormous. The positive results from previous trials are suggestive of significant clinical benefit in diabetic retinopathy, retinitis pigmentosa, and glaucoma."

"I look forward to an effective treatment option for diabetic retinopathy patients," said Vicken Karageozian, MD, co-founder and chief medical officer. "With rapidly growing rates of diabetes worldwide, Vitreosolve has the potential to be one of the most important drugs in ophthalmology."