NeoVista sees $18m in Series D venture funding

John Hendrick, president and CEO of NeoVista, said, "With the current financial climate, consummating this funding round clearly demonstrates the viability of NeoVista and our novel technology through the continued financial backing from our existing investors.

"With the ever expanding burden of care for patients, physicians and healthcare systems worldwide, there exists a significant opportunity for cost-effective solutions. The NeoVista product is designed to replace the need for frequent anti-VEGF injections, commonly required for an indefinite period of time, in the treatment of Wet AMD. We remain focused on what we consider to be the four pillars of success in bringing new medical technologies to the market: improved quality of life for the patient and their care-givers, similar or improved efficacy versus current standard of care, lower overall healthcare expenditure, and enhanced reimbursement for the treating physician."

NeoVista intends to commercialise its technology in Europe in May 2009, offering a new treatment option for Wet AMD sufferers. To market the therapy in the US, NeoVista is actively enrolling patients into a clinical trial.

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