Don’t Shed a Tear for Eye Investors
Venture capitalists have put a lot of money over the past couple of years into companies developing treatments for eye disease. Now they’re seeing some ROI. This week, venture backers in LensX Lasers got what looks on paper to be a very nice exit that could turn into a much better one, when Alcon announced that it has entered into a definitive agreement to acquire the company. Alcon will pay US $361.5 million in cash for LenSX, a developer of a laser used in cataract treatment, plus maximum contingent payments of US $382.5 million if it hits agreed-upon milestones. Four-year-old LenSx, which developed what Alcon says developed is first femtosecond laser to receive U.S. Food and Drug Administration clearance for use as a part of cataract surgery, previously raised $32 million in venture funding. The Aliso Viejo, Calif.-based company’s investors include InterWest Partners, SV Life Sciences Advisers and Versant Ventures.
