Digital therapeutics company Dopavision has raised €12 million in a Series A Funding round to help advance its lead product focused on childhood myopia.
Dopavision will use the funding to progress the clinical development of its MyopiaX lead product, a digital health app designed to slow the progression of myopia in children and adolescents.
Myopia, or short-sightedness, is a common eye condition in which distant objects appear blurry, due to images focusing in front of the retina instead of falling on the retina. Severe cases can be associated with other conditions which can cause loss of sight, including glaucoma, cataracts, retinal detachment and myopic maculopathy.
Halting the progression of myopia in children and young adults is thought to be the best approach to prevent severe impairments at a later age. Dopavision’s MyopiaX app uses light-based technology to stimulate specific photosensitive cells of the retina, which in turn modulate retinal dopamine, a key neurotransmitter involved in eye growth.a
Dopamine has demonstrated proof-of-mechanism in preclinical models but is now looking to demonstrate MyopiaX’s safety and efficacy in clinical studies to help get the product onto market.
"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 of 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."
Seventure Partners led the round and was joined by Novartis Pharmaceuticals and the company´s existing shareholders such as Boehringer Ingelheim Venture Fund and Ababax Health.
"Dopavision is pursuing a unique digital therapeutic approach to achieve a significant clinical benefit," said Isabelle de Cremoux, CEO and Managing Partner of 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 groundbreaking digital health solutions."