01 december 2020
02:05
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The medtech company iSTAR Medical will treat the eye disease glaucoma, which leads to blindness, with an implant. It is a multi-billion market, which is still dominated by giants such as Alcon and Johnson & Johnson.
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“With our technology, we can become number one in a billion dollar market,” said Michel Vanbrabant, CEO of iSTAR Medical. Since its foundation, the company has already raised 54 million euros to develop and test its technology. If all goes well, the commercial launch will follow in the middle of next year.
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iSTAR thinks it can make a difference in the world of ophthalmology with holes of 27 microns or 27 thousandths of a millimeter. It developed a cylindrical eye implant a few millimeters in size, in which a network of tiny caves – each 27 microns in size, no more, no less – has been created. The idea is that the surrounding eye cells settle there, feel at home there and accept the foreign material.
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Drainage pipe and plumbing
The implant acts as a kind of drainage pipe, like a plumber repairing moisture problems in the eye. Because that’s the problem with glaucoma, a condition that affects an estimated 80 million people. In glaucoma, the channels to drain ocular fluid do not work properly, causing the pressure in the eye to increase, the optic nerves slowly die and parts of the visual field disappear. The disease goes unnoticed for a long time, but the damage is irreparable.
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‘Without treatment you will become blind’, it sounds. ‘There are medications, special eye drops to start with. But at a certain point that is no longer enough and interventions – and we – come into the picture. ‘
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The existing implants help in 60 to 70 percent of the cases. With us that is 90 percent. That’s a big win.
Michel Vanbrabant
CEO iSTAR Medical
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In the meantime, 130 patients in various studies have been treated with the iStart implant, which is inserted via a two-minute procedure. And that turns out to score better than the classic implants. ‘They help in 60 to 70 percent of the cases. With us that is 90 percent. That’s a big win‘says Vanbrabant.
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It is remarkable that the technological foundation was laid by researchers in Seattle who built a company – Healionics – around it. Although the US is the country of choice for innovation and start-ups, they set up a branch in our country in 2010: iSTAR Medical. They were given access to half a million euros in government grants and were quickly given the opportunity to set up clinical trials.
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Made in the US, changed in Belgium
In 2013, Capricorn and SRIW staked an additional 4 million euros in exchange for a majority stake. ‘That was a good move for Belgium and it turned out very well. You don’t see it often, technology made in the US which is anchored here and grows. ‘
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In the meantime, iSTAR also succeeded in attracting investors such as Gimv, the Dutch LSP and the German EarlyBird – each of which has deep-pocketed funds – as did Marc Nolet de Brauwere. The latter is the man behind the Liège company Physiol, which produces eye lenses and implants for patients with cataracts or cataracts.
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The last financing round, worth 40 million euros, dates from more than a year ago. “This will enable us to initiate commercialization in Europe and to finance patient trials in the US,” he said.
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Vanbrabant expects a green light for sales in Europe early next year. ‘We are recruiting ourselves for certain countries. We are looking for a partner for other countries’, it sounds. The launch on the American market is not until 2024 at the earliest. First, iSTAR has to go through a test with ‘several hundred’ patients.
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David versus Goliath
But according to Vanbrabant it is worth the wait. “The market for these types of implants is already half a billion dollars and is expected to rise to 2 billion by 2025.” Currently, billion dollar companies such as Alcon, Johnson & Johnson and Allergan are in control there. So it becomes a battle between David and Goliath. ‘Our technology is more efficient and easy to use. We think we can push through to first place, ‘says Vanbrabant, who gives $ 1,000 per treatment as a target price.
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How he will enter the American market is not yet a clear decision. Licensing the technology to a major player is an option. Going out on the farm yourself, with extra funding in your pocket, is another. ‘Then an IPO can come into the picture. But we still have time to decide all that. ‘
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iSTAR Medical
- Medtech company, founded in 2011, with headquarters in Wavre
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- Technology: eye implant to treat the eye disease glaucoma, which gradually leads to blindness.
- 25 employees
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- Raised 54 million euros in capital since inception
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- Shareholders: Gimv, Capricorn, SRIW (Walloon government) Life Science Partners (Netherlands), Earlybird (Germany) and Marc Nolet de Brauwere (Physiol)
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