TearScience raises $15 million

October 4, 2011 

TearScience, a Morrisville medical device company, has raised $15 million in debt financing that it plans to use to commercialize the company's treatment for dry-eye disease.

The company raised the money from Oxford Finance and Silicon Valley Bank.

In July, TearScience won regulatory approval from the Food and Drug Administration for its LipiFlow system to diagnose and treat a common form of dry-eye disease.

The company, which employs about 30 people, is now shifting from the development stage to making its LipiFlow system and marketing it to eye doctors.

TearScience's device is designed to treat so-called evaporative dry eye by warming oil glands in the eyelids to clear any obstructions.

If the glands don't produce enough oil, it can lead to symptoms such as itching and burning eyes.

TearScience estimates that the disease affects 65 million people worldwide.

The private company has raised $70 million in venture-capital financing since 2005.

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