July 14, 2021
BERLIN — Dopavision has completed €12 million Series A financing to further clinical trials geared toward therapies for childhood myopia. 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.
“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.“
The proceeds will be used to fund the clinical development of the MyopiaX digital therapy. The goal is to demonstrate its safety and efficacy in clinical studies and advance this innovative treatment to market. The breakthrough technology targets children and young adolescents, leveraging a patented, light-based technology that stimulates specific photosensitive cells of the retina, which in turn modulate retinal dopamine, a key neurotransmitter involved in eye growth.
Dopavision has demonstrated proof-of-mechanism in preclinical models and exploratory human studies. MyopiaX has the potential to become the first digital therapy to control childhood myopia. It is designed to achieve a medical effect while children play exciting games or use educational digital content that can be conveniently integrated into their daily routine. It runs on standard digital devices and is easy to use for children under minimal supervision of their parents.
The funding will also be dedicated to additional product development activities in order to provide innovative digital treatments for children, leveraging games, educational, or cognitive training applications. Dopavision also intends to continue to recruit and build a team of people passionate about using digital innovation to improve the lives of children and adults.
“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 will 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.”