Norlase secures $11 million in new funding following regulatory clearance of ECHO pattern laser
(Image Credit: AdobeStock/Oleksandr)
Norlase announced it has closed its biggest investment round thus far. The $11 million USD in funding was led by London-based firm West Hill Capital.
According to the company, the funding comes on the heels of the FDA clearance and CE mark approval ofits pattern laser (ECHO). The funding also will enable Norlase to accelerate the production ramp-up of the pattern laser, as well as its other cutting-edge laser treatment solutions. This is crucial amidst a worldwide shortage of ophthalmologists and a rising number of patients due to the epidemic rise in diabetes and aging.
Norlase CEO and co-founder Oliver Hvidt noted that Norlase has brought three laser solutions to market in four years.
“With the introduction of ECHO, we are ushering in a new chapter for pattern laser products,” Hvidt said. “
According to Hvidt, the technology reduces what is today a large, 100-pound piece of equipment, into a device you can hold in the palm of your hand and easily attach to existing slit-lamps.
“It’s the convenient and affordable pattern laser that the market has been waiting for,” he said. “The launch of ECHO in the USA and EU, combined with the growing demand for our LION laser indirect ophthalmoscope and LEAF single-spot laser, means we need to drastically expand our production and global market presence. We are excited about this challenge and thankful for the support of our investors.”
Moreover, according to Norlase, the new pattern laser has already been adopted by several top retina specialists in the United States immediately following launch of the product. As the product rolls out in the United States and European Union, an increase in the capacity of the Norlase production facility in Denmark is needed to meet demand. The new funding will address this and also enable the company to continue to invest heavily in R&D to develop additional solutions that ophthalmologists seek. The company reports that its next major innovation is already in the pipeline.
In addition to ECHO, the Norlase product portfolio includes the ultra-portable LEAF single-spot laser and LION laser indirect ophthalmoscope. These products provide a solution for the limitations of older existing technologies. The lightweight lasers feature voice control, interface, and fiberless design. The technology affords ophthalmologists an added measure of treatment flexibility, reliability, and efficiency for their practices.
