While Park City Angels’ members are active investors in early stage companies, our group leads only one to two deals per year and we are excited to partner with Founder Dr. Bala Ambati and CEO Jerry Simmons to support further development of iVeena’s patented therapeutics products and research.
iVeena has closed a $1.3 million seed round led by Park City Angels, with contributions from the Salt Lake City Angels, University of Utah Technology Venture Corporation, and several prominent ophthalmologists and physicians.
“While Park City Angels’ members are active investors in early stage companies, our group leads only one to two deals per year and we are excited to partner with Founder Dr. Bala Ambati and CEO Jerry Simmons to support further development of iVeena’s patented therapeutics products and research,” Park City Angels Chairman Paul Wozniak said in a statement. “We had broad participation among our membership to invest in iVeena and are fortunate to find great syndication partners in the Salt Lake City Angels to finish off the round.”
To understand what iVeena does requires a slew of medical terms that I cannot pronounce or fully comprehend, so I’ll try to explain this in the most layman of terms — iVeena provides advanced, more efficient methods of delivering medicine to your retina. This is especially relevant to people after having cataracts removed, where differing drops and time frames make it difficult for patients to follow the correct schedule, which leads to obvious complications. iVeena is hoping to encourage the introduction of drop-free cataract surgery through their lead product, the BDI.
“We are extremely pleased that the Park City Angels led iVeena’s successful $1.3M seed round funding,” Simmons said in a statement. “The capital raised will allow us to complete our first human studies for the treatment of post-surgery cataract inflammation and continue to develop our portfolio of innovative new treatments for Macular Degeneration, Diabetic Retinopathy and Glaucoma.”
Published 9/25/2015
