Dopavision aims to complement this myopia control method by developing transformational medicines and addressing the condition early on, resulting in medical benefits in later years of life.
FREMONT, CA: Dopavision, a leader in creating digital therapies, recently announced the completion of a 12 million dollars Series A funding round. The round was headed by Seventure Partners, which was joined by Novartis Pharmaceuticals and existing owners such as Boehringer Ingelheim Venture Fund and Ababax Health, considerably expanding the company’s shareholder base of renowned worldwide life science investors.
“We are excited that Seventure Partners and Novartis Pharmaceuticals have decided to support Dopavision as new investors in the Series A round,” said Dr. Hamed Bahmani, Co-Founder and Managing Director, Dopavision. “The extensive use of smartphones is suspected to worsen childhood myopia but stopping children from using them is unrealistic. Therefore, we have decided to transform the use of digital devices into a beneficial therapeutic activity. Our first-of-its-kind MyopiaX combines ease of use with an exciting user experience that promotes adherence to the therapy with the goal of addressing this serious medical condition already at a young age.”
Myopia is a public health concern and the primary cause of correctable vision impairment, with global prevalence estimated to reach 50 percent by 2050. Image focusing in front of the retina instead of falling on the retina causes blurring of distant objects, which is most commonly caused by excessive elongation of the eyeball during growth. Glaucoma, cataract, retinal detachment, and myopic maculopathy are all sight-threatening disorders associated with severe cases.
“Dopavision is pursuing a unique digital therapeutic approach to achieve a significant clinical benefit,” said Isabelle de Cremoux, CEO and Managing Partner, Seventure Partners. “This is the first real digital therapeutic for childhood myopia; a non-invasive, patient-friendly approach that will not only transform the global ophthalmology market, but also provide a breakthrough for affected children by improving their sight and quality of life from an early age onwards. Moreover, the technology has great potential for other disease indications as dopamine plays a key role in many physiological processes. Dopavision therefore excellently fits into our strategic commitment to develop ground-breaking digital health solutions.”
Preventing disease progression in children and young adults now is seen to be the most effective intervention strategy for avoiding severe impairments later in life. Dopavision aims to complement this myopia control method by developing transformational medicines and addressing the condition early on, resulting in medical benefits in later years of life.
“Novartis is committed to advancing transformational treatments - including digital therapeutics - to people of all ages living with visual impairment,” said Jill Hopkins, Global Development Head, Ophthalmology, Novartis Pharmaceuticals.
The funds will be used to support the clinical development of MyopiaX, the company’s primary product for juvenile myopia, to demonstrate its safety and efficacy in clinical tests and bring this revolutionary treatment to market to help millions of myopic children.MyopiaX has the potential to be the first digital therapy for the treatment of myopia in children. The ground-breaking device is aimed at youngsters and young teenagers, and it works by stimulating certain photosensitive cells in the retina, which modify retinal dopamine, a critical neurotransmitter involved in eye growth. In preclinical models and exploratory human research, the company has proven proof of mechanism. It is designed to have a medicinal effect as kids play fun games or learn with instructive digital content, and it’s easy to include into their daily routine.
Dr. Annegret de Baey-Diepolder of Seventure Partners will join Dopavision’s Advisory Board to reflect the new shareholder structure.