Sight Sciences Announces the Closing of its $7MM Series B Financing Led by Hicks Equity Partners
MENLO PARK, Calif., March 15, 2016 /PRNewswire/ -- Sight Sciences, Inc., a venture-backed, commercial stage ophthalmic medical device company today announced it has closed a $7 million Series B round of financing. The round was led by Hicks Equity Partners, a leading private equity firm based in Dallas, Texas. All Series A investors participated in the oversubscribed Series B round, including Scientific Health Development (Series A Co-Lead), Allegro Investment Fund, and various other institutional and angel investors.
Proceeds from the deal will be used to build out the management team, scale manufacturing, support product development, and initiate a series of clinical studies. "We are thrilled to have Hicks Equity Partners in our shareholder base and look forward to creating substantial value together," said Paul Badawi, President and CEO of Sight Sciences. "Our existing shareholders have seen the early clinical data from both our surgical and non-surgical lines of business and all stepped up to support what became an oversubscribed round of financing. We're looking forward to initiating a series of clinical trials across our ophthalmic product portfolio that will position us for market leadership in each of our respective categories."
"We continue to be impressed with Sight Sciences' commitment to delivering disruptive medical device innovations to the field of ophthalmology," said Mack Hicks, partner at Hicks Equity Partners. "The team has made tremendous progress with its minimally invasive surgical product line and is in the advanced stages of development of a breakthrough medical device in the evaporative dry eye space."
About Sight Sciences: Sight Sciences is a medical device company dedicated to the development of technology-driven solutions that address the underlying physiology of ophthalmic disease. The company operates two business lines: surgical and non-surgical devices. Its surgical product portfolio consists of the TRAB™360 and VISCO™360 surgical devices. Its non-surgical product portfolio consists of technologies in the advanced stages of development for evaporative dry eye.
About Hicks Equity Partners: Hicks Equity Partners (HEP) is the private equity arm for Hicks Holdings LLC, a holding company for the Thomas O. Hicks family's assets. With over 40 years of private equity experience, Mr. Hicks pioneered the "buy and build" strategy of investing and founded Hicks Muse Tate & Furst, as well as Hicks & Haas, one of the most successful private equity firms in history. The 9- member HEP investment team collectively has over 200 years of experience and has deployed over $50 billion of leveraged acquisitions. The HEP investment team uses its vast relationship base, targeting established companies with proven track records, strong free cash flow characteristics, a strong competitive industry position and an experienced management team looking to partner with long-term capital. In addition, HEP seeks opportunistic investment opportunities in mezzanine, growth capital and other special situations.
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SOURCE Sight Sciences, Inc.