Through its proven therapy, NovaVision provides hope and potentially greater independence to the approximately 2.2 million stroke and brain injury survivors in the United States who suffer from major visual field deficits, a number that increases by more than 90,000 each year. Since 2004, NovaVision and its growing national network of 43 centers have treated more than 1,000 patients.
"The addition of new investors and the continued support of existing financial partners is a compelling endorsement for NovaVision and its demonstrated ability to restore sight and confidence to people who have suffered a stroke or brain injury," said NovaVision CEO Navroze Mehta. "The new funding will enable NovaVision to broaden and simplify access to Vision Restoration Therapy and the quality of life improvements that it brings."
NovaVision offers VRT through renowned institutions including: Bascom Palmer Eye Institute -University of Miami, Miami, Fla.; Neurological Institute of New York at Columbia University Medical Center, New York, N.Y.; Emory Healthcare Eye Center, Atlanta, Ga.; Doheny Eye Institute at the University of Southern California, Los Angeles, Cal.; Rusk Institute of Rehabilitation Medicine at NYU Medical Center, New York, N.Y.; Scripps Medical Hospital, Encinitas, Cal.; Johns Hopkins University, Wilmer Eye Institute, Baltimore, Md., three Sharp Rehabilitation Hospitals in San Diego, Cal., and six HealthSouth Rehabilitation Hospitals nationwide.
"NovaVision's VRT addresses a large, unmet medical need. The company's strong management team and patient-oriented strategy should enable it to rapidly penetrate the market," said Arda Minocherhomjee, founding partner of Chicago Growth Partners. "We anticipate more new developments from NovaVision."
"When you assess the medical device landscape, what's abundantly clear is that NovaVision is well prepared and positioned to continue making considerable advances in how neuroscience is applied to restoring vision and, consequently, simple life pleasures such as reading, walking and time spent with friends and family," said Roger Guidi, Vice President of Johnson & Johnson Development Corporation.
Since its founding in 2003, privately held NovaVision has raised more than $39 million from venture capital sources.
About Chicago Growth Partners
CGP is a Chicago-based private equity investment firm committed both to its investments and its investors in the lower middle market. The firm targets three primary sectors: business and consumer services, healthcare and industrial growth. CGP's Partners have specialized in these industry sectors for more than 20 years and their combined experience in each of these areas totals 100-plus years. CGP distinguishes itself through its experienced team - including in-house marketing, information technology and operations expertise; its approach to the development and execution of strategies designed to build success; its focus on growth as the primary driver of returns and its commitment to partnering with portfolio companies that demonstrate strong management capability and opportunity. CGP moves beyond the delivery of growth capital by lending significant industry experience, knowledge and leadership to each business situation. CGP currently manages $1.2 billion of committed capital while investing Chicago Growth Partners VIII, a fund raised in spring 2006. For more information, please visit www.cgp.com.
About Johnson & Johnson Development Corporation
Organized in 1973, Johnson & Johnson Development Corporation (JJDC) is the venture capital subsidiary of Johnson & Johnson. JJDC makes private equity investments in venture funded health care companies. Portfolio companies include those in the fields of pharmaceuticals, biotechnology, medical devices, diagnostics and consumer products. JJDC also leads and manages internal investments in selected promising technologies. For more information, please visit www.jjdevcorp.com.
About Oakwood Medical Investors
Oakwood Medical Investors is a life sciences venture capital firm investing in development stage medical device, pharmaceutical, and biotechnology companies. Target portfolio companies for Oakwood have an industry "disruptive" technology, have demonstrated proof of concept for their lead product and completed a first round of institutional venture financing. Over the past 16 years, Oakwood's managers have collaborated on more than 35 life sciences related investments in companies across the nation. The firm has offices in St. Louis, Missouri, and Cleveland, Ohio. For more information, please visit www.oakwoodmedical.com.
About NovaVision, Inc.
NovaVision, Inc., headquartered in Boca Raton, Fla., develops and provides scientifically based, innovative medical devices and comprehensive solutions to restore the vision of patients with neurological visual impairments. Nova Vision's FDA-cleared medical devices, NovaVisionVRT(TM) Vision Restoration Therapy(TM) (VRT) and NovaVision CentraVIEW(TM), are based on neuroplasticity - the brain's ability to adapt and form new connections to compensate for injury. NovaVision diagnostic testing maps areas where vision may be improved, and therapy targets and stimulates regions within the brain's vision- processing areas.
VRT is based on more than 10 years of research with clinical studies published in leading journals including Nature Medicine, Neurology, and The Journal of Cognitive Neuroscience. Data from a recent retrospective study identified that more than 70 percent of U.S. patients who underwent VRT for an initial six-month treatment period showed significant improvements in their vision.
More than 1,000 patients have been treated with VRT and clinical results are positive. VRT is currently offered at more than 40 leading neurological, eye and rehabilitation centers nationwide. For more information and a list of centers offering VRT, please visit www.novavision.com or call 888.205.0800.
Contacts: Monica Glukstad Elinor Kline NovaVision, Inc./Edelman NovaVision, Inc./Edelman 305-358-5291 212-704-4528 monica.glukstad@edelman.com elinor.kline@edelman.com
Source: NovaVision, Inc.
