ScyFIX is seeking to raise $4 million as the Chanhassen, Minnesota-based company continues to seek U.S. Food and Drug Administration approval for a device that uses slight electric shocks to treat degenerative eye disease.
ScyFIX has just started the offering, which expires in June 2012, according to a recent U.S. Securities and Exchange Commission filing.
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Thomas Harold, the company’s founder and CEO, declined to comment for this article.
The company’s ScyFIX 700 device already has European regulatory approval and is marketed in Europe and other locations around the world. ScyFIX has about 10 employees spread out globally, including the company’s main European office located in the Stockholm, Sweden area. The manufacturing of the device is contracted out.
The ScyFIX 700 is meant to treat macular degeneration, Stargardt’s disease, retinitis pigmentosa and other degenerative eye diseases. Pads placed over a patient’s eyes deliver slight electrical charges that have a stimulative effect on cells in the retina at the back of the eye and help to slow down or even restore sight loss, according to the company.
The company has been highlighted as a promising startup in many Twin Cities publications over the year. But the FDA approval process appears to have been slow going.
