Sight Sciences Secures $10MM in Oversubscribed Series C Financing
Ophthalmic Industry Veteran Shawn O'Neil Joins as Senior Vice President of Sales and Marketing
MENLO PARK, California, Oct. 9, 2017 /PRNewswire/ -- Sight Sciences, Inc., a venture-backed, commercial stage ophthalmic medical device company today announced it has closed an oversubscribed $10 million Series C round of growth financing and strengthened its leadership team with a seasoned ophthalmic industry veteran. Allegro Investment Fund, a privately held fund based in Menlo Park, CA, led the round with full participation from all existing Series A and Series B investors.
The company intends to use the funds to build out a market-leading commercial team in the United States, launch its breakthrough ophthalmic devices in Dry Eye and Microinvasive Surgery, scale up manufacturing, and complete clinical studies geared towards expanded product indications and strategic product positioning.
"Allegro has supported Sight Sciences from the beginning, and we have witnessed its technology platforms mature into breakthrough products that eye care providers confidently use to care for their patients," said Staffan Encrantz, Chairman at Allegro Investment Inc. "We look forward to supporting the Sight team as they work to elevate the standard of care globally in both glaucoma and dry eye, two diseases in need of high-yield innovation and more effective solutions."
"We are excited to partner with Allegro and welcome Staffan Encrantz to our board of directors as Chairman," said Paul Badawi, President and CEO of Sight Sciences. "Allegro is a skilled growth investor with a long-term view and strong history of supporting innovative companies like Sight Sciences as we achieve commercial scale and market leadership."
Simultaneously, the company announced the appointment of Shawn O'Neil as Senior Vice President of Sales and Marketing. O'Neil joins Sight Sciences from Alcon, a global leader in eye care, where he spent more than 20 years and was responsible for developing commercial strategies to launch novel technologies including the EX-PRESS Glaucoma filtration device, the LenSx Laser, and the CyPass micro-stent for glaucoma.
"Shawn brings a wealth of valuable industry knowledge and an extensive professional network from his long and successful career at Alcon. He is perfectly suited to lead our upcoming product launches and commercial scale-up and will make a substantial impact in creating value for all Sight Sciences stakeholders - patients, providers, payors, and shareholders," said Badawi. "With Shawn's addition to our leadership team and the closing of an oversubscribed round led by our seasoned growth capital investor, we are excited to take our commercial efforts to the next level."
About Sight Sciences: Sight Sciences is a medical device company dedicated to the development of technology-driven solutions that address the underlying physiology of ophthalmic diseases. The company operates two business lines: surgical and non-surgical devices. Its surgical product portfolio consists of the TRAB®360 and VISCO360® surgical devices and another surgical device in an advanced stage of development. Its non-surgical product portfolio consists of technologies for dry eye disease.
The VISCO360® Viscosurgical System and TRAB®360 Trabeculotomy System are commercially available in the United States, Europe and Canada. The VISCO360® device is available in the United States as a manual surgical tool and is investigational in the United States for the specific indication of IOP reduction in adult, pseudophakic patients with primary open angle glaucoma.
About Allegro Investment Fund: Allegro Investment Fund, L.P. is a registered Cayman Islands Investment Fund that is managed by Allegro Investment Inc., a California corporation founded by Mr. Staffan Encrantz in 1997. Located in Menlo Park, CA, Allegro primarily invests in growth stage private companies and supports its portfolio by providing growth capital as well as strategic, operating and financial expertise.
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