$44 million raised for gel stent

The manufacturer of a new gel stent technology for treating glaucoma has raised $43.6 million in Series D financing.

AqueSys, Inc., a medical device company that develops, manufactures and internationally markets the XEN Gel Stent technology, said that the financing round was led by a new undisclosed investor with participation from existing investors Accuitive Medical Ventures, The Carlyle Group, Longitude Capital, Rho Ventures and SV Life Sciences.

The XEN Gel Stent is made of a permanent, soft, collagen-derived, gelatin. Upon implantation, it creates a diffuse outflow of aqueous from the anterior chamber into the non-dissected tissue of the subconjunctival space, according to the company. They say that the pliability and softness allows it to conform to the ocular tissue which may be shown to minimize many of the issues seen with synthetic materials.

The company also announced that it successfully completed enrollment of its first FDA investigational device exemption (IDE) study and has begun enrollment of its second FDA-approved IDE study utilizing an additional XEN Gel Stent model. AqueSys also recently initiated focused international commercialization.

"Our XEN Gel Stent international trials have demonstrated the minimally invasive technology's ability to safely and significantly lower intraocular pressure via the globally accepted gold standard mechanism of action (subconjunctival drainage),” said Ron Bache, AqueSys president and CEO. “Our strong capitalization allows us to confidently look forward and accelerate the execution and attainment of our clinical, regulatory and commercial goals.”