Chinese backers put $18m into Bionic Vision Technologies

A pair of Chinese backers put $18 million into Bionic Vision Technologies and its retinal implant for blindness, the Australian company said today. Hong Kong-based China Huarong International Holdings and State Path Capital ponied up A$23.5 million, BVT said, noting that it plans to use the cash to build devices and launch clinical trials in retinitis pigmentosa, based on a 3-patient study using a prototype. The company developed the device using A$50 million (about $38.3 million) from a 5-year Special Research Initiative grant via the Australian Research Council. Existing backers include the University of Melbourne, the University of New South Wales, the Bionics Institute, Centre for Eye Research Australia, CSIRO’s Data 61, The Royal Victorian Eye & Ear Hospital, Western Sydney University and the Australian College of Optometry, BVT said. “Given BVT’s commitment to developing and delivering a revolutionary solution for vision loss, we believe its ‘bionic eye’ technology has the potential to transform the lives of millions of people and meet a large unmet need. Our investment support will help move the current product closer to market and the communities who will benefit,” State Path chairman Alastair Lam said in prepared remarks. “Our investment in BVT aligns with our strategy of backing transformative new technology with significant global potential.” “This investment is an important milestone for our unique Au...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Funding Roundup Optical/Ophthalmic Wall Street Beat Bionic Vision Technologies Source Type: news