Fort Worth, Texas-based Encore Vision, a Tech Fort Worth client, has just closed on a $5 million angel round with $750,000 coming from the Cowtown Angels. For the Cowtown Angels, this constitutes the group’s largest funding effort ever.
Both TechFW and the Cowtown Angels are highly optimistic that Encore Vision’s Dioptin™, a patented prescription eye drop treatment for presbyopia. Presbyopia is a highly common yet mild to severe debilitating eye condition affecting patients by the age of 40, which consequently requires them to wear glasses in order to read. Considering that, according to the latest reports, an estimated 1.8 billion people need reading glasses worldwide, and more than 100 million in the U.S. alone, the application for Dioptin™ shows tremendous promise in helping a plurality of people world, as well as driving substantial profits for Encore vision and its investors. Dioptin, according to a recent press release, “is a proprietary pro-drug uniquely composed of “naturally” occurring bio-compounds found in the living human crystalline lens. A major goal for Dioptin™ treatment is to give those with presbyopia freedom from, or reduced dependence on, their bifocals or reading glasses.”
Investors: have you checked out Texas-based Mystic Pharmaceuticals’ VersiDoser® Ophthalmic Delivery Systems? Click on the image to the right to read about the technology and their Premium Profile on BioNews Texas:
The primary purpose of the investment is to provide Encore Vision with the funding it needs to launch and complete costly but necessary Phase 2 clinical trials for Dioptin.
Bill Burns, President and CEO of Encore Vision, was quick to stipulate that the “Cowtown Angels has played a pivotal role in this funding round for Encore Vision,” adding that, “Along with Tech Fort Worth’s help, we look forward to having members of the Cowtown Angels participate in this “first-in-class” pharmaceutical product development program.”
While the investment was the largest to date for the Cowtown Angels, it is also a big win for TechFW as well, as Darlene Boudreaux, Executive Director of TechFW, explained: “This is one of the largest angel rounds ever in a TechFW client, and the first time the Cowtown Angels have participated, so this is a big win-win for the local entrepreneurial community.”
Les Kreis, a member of Cowtown Angels, added, “This investment is a convergence of the growth of our group and the prospects we envision for Encore Vision. Our group works really well together, listening to pitches, doing our due diligence and following up on our investments. It works because we are so hands-on with the deals that interest us. We expect to continue growing our membership and our investments.”