APR 08, 2014
Transcend Medical, Inc. has raised $22 million to support a randomized, controlled trial for the micro-invasive glaucoma stent.
CyPass, which is designed to reduce IOP by enhancing aqueous outflow to the suprachoroidal space, has received Europe’s CE Mark but is approved only for investigational use in the U.S.
The pivotal COMPASS trial is based in the US and scheduled for completion in the second quarter of 2015. The funding came from existing investors and an undisclosed global pharmaceutical and medical device company.
"Securing this funding from new and existing investors demonstrates continued confidence in our ability to bring to market the innovative CyPass Micro-Stent technology," said Brian Walsh, president and CEO of Transcend Medical. "The COMPASS pivotal trial will provide an unprecedented amount of data for a glaucoma micro-stent, and we are proud to be leading such a rigorous development program."