BELKIN Vision Ltd.

Dive Brief:Venture capital investment in medtech companies rose roughly 3% year over year to $3.3 billion in the second quarter, according to a new report from market data resarch firm Pitchbook.At the current rate, VC funds will invest close to 20% more in medtech firms this year than in 2023, Pitchbook said, offering support for the view that the industry has passed through the trough of funding.The value of exits for venture-backed medtech companies increased to $6.6 billion in the first half of 2024, although the data are skewed by Tempus initial public offering. Acquisitions of late-stage VC startups have been rare, a fact Pitchbook attributed to ongoing price gaps between buyers and sellers.Dive Insight:The number and value of VC investments in medtech companies peaked in 2021, per Pitchbooks data. Compared to the peak, the number of investments in 2023 was down 27% and the amount invested had fallen by 45%. Last year appears to be the low point for investment.VC investment fell sequentially in 2024, slipping from $3.5 billion in the first quarter to $3.3 billion in the second quarter. However, investment in the second quarter was still up about 3% year over year. The results suggest investment in 2024 can exceed the $11.5 billion seen last year.The number of investments, at 419, is tracking below the pace of 2023. The amount invested has increased despite flat to down deal numbers because VC funds have placed big bets on a small number of companies. Pitchbook said there were five deals above $100 million in the quarter, and the increase indicates ongoing investor preference for quality and optimism around greater exit possibilities.A $150 million investment in Insightec, a developer of focused ultrasound treatment, was the largest VC round in the second quarter. Pitchbook estimates Insightec will exit by listing its shares on a stock exchange.The prediction follows a quarter in which Tempus raised $400 million in an IPO. The public offering by the precision medicine company showed unprofitable medtech companies can go public in the current environment. Pitchbook said Tempus success could shift investors' willingness to support unprofitable companies if a public listing emerges as a realistic possibility.The extent to which the IPO window opens could affect mergers and acquisitions. Belkin Vision, Attune Medical, C2i Genomics and Blackrock Neurotech were all acquired in the quarter. Combined with the IPO exits, the deals led Pitchbook to view VC exit levels in medtech for 2024 so far as a solid win for the sector and a positive sign for deal value and exit momentum going forward.Yet, the Pitchbook analysts said deal activity for late-stage VC startups is lagging acquisitions of larger, publicly traded companies such as Shockwave Medical, Axonics, Abiomed and Silk Road Medical. The analysts attributed the lack of buyouts of venture-backed firms to sellers asking for more than buyers are willing to pay. The availability of IPOs as an exit option may influence whether the valuation gap persists.If the IPO window remains closed, this could benefit strategics from an M&A standpoint, as startups may be more willing to be acquired at a reasonable multiple, wrote Pitchbook. '

Belkin Vision’s Eagle device delivers 120 laser pulses to the trabecular meshwork at the edges of the cornea to help drain excess fluid and relieve intraocular pressure. Alcon has bought up Belkin Vision and its laser device for treating glaucoma.  The deal includes an upfront transfer of $81 million, including about $65 million in cash—plus the opportunity for up to $385 million more in sales-based milestone payments if Alcon can secure the technology as clinicians’ go-to option in first-line therapy. Known as direct selective laser trabeculoplasty, or DSLT, the company’s automated procedure aims to help lower a patient’s intraocular pressure without medications or eyedrops, where untreated increases can cause damage to the optic nerve. Belkin’s Eagle device delivers 120 pulses of laser energy to the trabecular meshwork located at the edges of the cornea, which helps drain excess fluid. The system differs from previous SLT approaches by employing eye-tracking technology for a potentially hands-off approach. “As a therapy with significant advantages for the patient and practice, we believe our newly acquired DSLT technology is uniquely positioned to accelerate the evolution toward first-line use of SLT in the glaucoma treatment paradigm,” Sean Clark, president of Alcon’s global surgical franchise, said in a statement.  DSLT has been approved in the EU and the U.K.; Alcon said the device has also obtained a 510(k) clearance from the FDA, but the system has not yet been made commercially available in the U.S.—which the company hopes to change before the end of this year. Meanwhile, Alcon’s glaucoma portfolio already includes implantable microstents such as the Hydrus as well as pharmaceutical drops. The company also said it plans to incorporate DSLT into its Alcon Vision Suite training platform for providers. “We look forward to broadening access to this exciting technology in the future as we continue to address solutions for unmet needs in glaucoma,” Clark said. A previous clinical trial showed SLT approaches can be a cost-effective primary treatment for open-angle glaucoma as well as ocular hypertension, reducing the need for repeated medications or surgical procedures, according to Alcon, and that automating the process can offer a more streamlined workflow.

Eagle is a Q-switched, 532 nm-wavelength, frequency-doubled Nd:YAG laser device, intended for use in performing selective laser trabeculoplasty (SLT) BELKIN Vision CEO, Daria Lemann Blumenthal with Eagle device. (Credit: CNW Group/BELKIN Vision) Israeli ophthalmic medical solutions provider BELKIN Vision has secured the US Food and Drug Administration (FDA) 510(k) approval for its Eagle laser device to treat glaucoma. Eagle is a Q-switched, 532 nm-wavelength, frequency-doubled Nd:YAG laser device, intended for use in selective laser trabeculoplasty (SLT) procedures. BELKIN Vision said the advanced laser device is designed to provide several advantages over traditional treatment options. Eagle’s laser energy is delivered directly through the limbus to the trabecular meshwork in a non-contact procedure, eliminating the need for a gonioscopy lens. The device automatically defines the target location and applies the laser treatment sequence while the eye tracker compensates for any eye movement. Also, BELKIN Vision introduced Direct-SLT (DSLT) technology for the Eagle laser device. The technology expands access to early laser therapy for more patients and allows a large number of eye care professionals to perform the procedure. BELKIN Vision CEO Daria Lemann-Blumenthal said: “This achievement has been possible thanks to the skill, passion, and dedication of our entire team. “We believe that this FDA clearance will have a positive impact on the lives of those affected by glaucoma, offering novel treatment methods and renewed hope for the future.” According to the medical device company, Glaucoma is a major cause of irreversible blindness. The Eagle laser device is the first and only contactless laser for glaucoma that provides an automated and non-invasive solution for patients and healthcare professionals. Its FDA approval provides a significant opportunity in the management of glaucoma and provides patients with expanded treatment options. Furthermore, The American Academy of Ophthalmology classifies laser trabeculoplasty as an initial or adjunctive therapy for primary open-angle glaucoma, said BELKIN Vision. In May last year, the Israeli medical device company received the CE Mark approval for Eagle automated, non-contact glaucoma laser treatment, under the Medical Device Regulation (MDR).