ArcScan, Inc. Signs Definitive Agreement for $11.15 Million Preferred Series B Investment with Shanghai Haohai Biological Technology Ltd.
GOLDEN, Colo., July 21, 2021 /PRNewswire/ -- ArcScan, Inc., the developer of state-of-the-art ophthalmic ultrasound imaging device “ArcScan Insight® 100, ” headquartered in Golden, Colorado, announces the execution of a Stock Purchase Agreement with Shanghai Haohai Biological Technology Ltd. (“Haohai”) that will result in a $11.15 million Preferred Series B investment into ArcScan, Inc. Haohai is a leading Chinese ophthalmology and medical aesthetics company headquartered in Shanghai, and is publicly traded on the Hong Kong (6826.HK) and Shanghai (688366.SH) stock exchanges.
YAFO Capital (Shanghai) and Auctus Capital Partners (Chicago) acted as financial advisors on this transaction for ArcScan, Inc.
“This transaction fits well with our long-term global strategy in ophthalmic markets. The breakthrough technology from ArcScan, Inc. not only meets the unmet medical needs in the ophthalmic imaging field, but also leverages with our global product portfolio to significantly improve post-surgical results in premium IOLs and PIOL implantations.” said Olivia Chen, Executive Director of Haohai Biological Technology Co. Ltd.
“We are thrilled to be a close partner with Haohai to help them further develop their rapidly expanding offering of implantable lenses and, at the same time, provide ArcScan a base from which to expand into the largest ophthalmology market in the world. This couldn’t be a better strategic fit.” said Andrew Levien, CEO and President of ArcScan, Inc.
The ArcScan Insight® 100 imaging technology provides unmatched accuracy to obtain measurements in the entire anterior chamber of the eye. The device and software create a powerful platform that enables users to easily obtain stunning high-resolution images of the entire anterior segment in micron precision, including areas that cannot be imaged with current optical technologies. The Swept Beam Liquid Interface™ technology delivers dramatic developments in ultrasound imaging, unrivaled in its precision.
The ArcScan Insight® 100 uses core proprietary technology that was originally developed and patented at Columbia/Weill University. A mechanically controlled 50 MHz transducer scans the eye in an arc shaped motion with a curvature that approximates the anterior ocular surface.
ArcScan’s Insight® 100
The ArcScan Insight® 100 device is a precision, very-high-frequency ultrasound (“VHF-US”) device for imaging and measuring anterior chamber depth, angle-to-angle width, individual corneal layers, sulcus-to-sulcus width, and more—all with micron-level precision.
While the patient is comfortably seated and resting on an EyeSeal Disposable, the device scans the eye, non-invasively. ArcScan’s EyeSeal Disposables are used to enable the precision imaging while preventing cross-contamination between patients. Designed for functional efficiency and ease of use, the ArcScan Insight® 100 system is comprised of four main components: the ArcScan Insight® 100 Device, the Insight software package, the fluidics module, and the electronics unit.
The ArcScan Insight® 100 provides accurate biometry for pre–operative and post-operative IOL, premium IOL, and ICL. This allows the clinic to evaluate accurate lens position, tilt, and volume.
“The goal is to reduce lens exchanges and make them very rare, as opposed to the current 2% exchange rate,” says Dr. Dan Reinstein, Founder and Laser Eye Surgeon of London Vision Clinic and Chief Medical Officer of ArcScan. “The most advanced method for ICL sizing is to use the Insight 100 very-high-frequency digital ultrasound scanner to directly measure the area inside the eye, behind the iris where the lens will sit.”
About ArcScan, Inc.
ArcScan develops smart imaging technology and continually evolving ultrasound to provide ophthalmologists with new insights into the true anatomy of the anterior segment of the eye, including areas behind the iris. ArcScan’s mission is to enable better medicine in ophthalmology by driving improved outcomes in refractive, corneal, cataract, and glaucoma surgeries. To learn more about the company, please visit https://arcscan.com, and connect on Twitter, LinkedIn, Facebook, Instagram, and YouTube.
About Shanghai Haohai Biological Technology Co., Ltd.
Haohai Biological Technology Co., Ltd. is a leading company in the PRC focusing on the research and development and manufacturing and sales of biomedical materials. Haohai strategically targets fast-growing therapeutic areas including ophthalmology, medical aesthetics and wound care, orthopedics and anti-adhesion, and hemostasis.
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SOURCE ArcScan, Inc.