Iridex (NSDQ:IRIX) announced that it entered into a strategic collaboration with Topcon to develop glaucoma therapy products.
Mountain View, Calif.-based Iridex said in a news release that the transaction brings in $19.5 million in cash to the company, providing multiyear funding for strategic growth initiatives, namely those seeking to penetrate the market with Iridex’s non-incisional glaucoma therapy products.
Topcon is set to purchase $10 million of Iridex’s common shares at $6.18 per share.
Additionally, Japan-based Topcon — which brings in $1.3 billion in revenues with $430 million coming from its eye care business — will invest in Iridex by purchasing the exculsive rights to distribute its retina and glaucoma products in certain global markets while also acquiring a common equity stake in approximately 10.4% of Iridex.
Iridex’s product portfolio is set to benfit from Topcon’s distribution capabilities in the Asia Paci…