Foley Hoag Congratulates Safeguard Scientifics on the Successful Financing of PixelOptics, the World's First Electronic Focusing Eyeglass Company
April 11, 2011
Foley Hoag client Safeguard Scientifics, Inc. (NYSE: SFE) based in Wayne, Pennsylvania, announced it led a $45 million financing for PixelOptics, the world's first electronic focusing eyeglass company.
The $45M financing round is comprised of a $35M equity investment and $10M venture debt. In addition to Safeguard Scientifics, participating organizations included: Delphi Ventures, The Carlyle Group, Longitude Capital, and Stark Investments. Horizon Technology Finance (Nasdaq: HRZN) provided the venture debt funding.
PixelOptics' core product emPower!™ was launched on March 18th during the International Vision Expo East in New York City. Capable of being fabricated in all prescriptions, emPower! will be available in numerous high fashion styles, shapes, sizes and colors beginning this spring. emPower! changes optical power focus faster than the blink of an eye without moving parts and without making a sound. These high-tech eyeglasses are waterproof and shock resistant and have three modes of operation: manual on, manual off, and fully automatic.
Alex Aber, Partner at Foley Hoag LLP, said, “Safeguard Scientifics is a terrific company to work with and it was our privilege to advise them on the PixelOptics transaction. We wish both companies continued success going forward.”
As outside legal counsel, Foley Hoag worked closely with the business and legal teams at Safeguard Scientifics to manage, negotiate, and close the financing, the proceeds of which will be used to support the global launch of PixelOptics emPower! eyeglasses.
Headquartered in Roanoke, Virginia, PixelOptics is committed to "transformational innovation" in the spectacle lens industry. The company's focus is on improving and elevating the current standard of vision correction by inventing, developing and marketing a wide range of innovative new products based on dynamic focusing lenses, innovative lens design technologies, and composite optics. PixelOptics is dedicated to helping consumers see better and more comfortably, while at the same time helping the vision care industry to grow. For additional information on emPower! electronic focusing eyeglasses please visit www.emPowerEyeWear.com.
About Safeguard Scientifics, Inc.
Founded in 1953 and based in Wayne, PA, Safeguard Scientifics, Inc. (NYSE: SFE) provides growth capital for entrepreneurial and innovative life sciences and technology companies. Safeguard targets life sciences companies in Molecular and Point-of-Care Diagnostics, Medical Devices, Regenerative Medicine, Specialty Pharmaceuticals and selected healthcare services, and technology companies in Internet / New Media, Financial Services IT, Healthcare IT and selected business services with capital requirements of up to $25 million. Safeguard participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. For more information, please visit www.safeguard.com.
About Foley Hoag LLP
Foley Hoag provides innovative, strategic legal services to public, private and government clients across the globe. We have premier capabilities in the life sciences, healthcare, technology, energy, professional services and private funds fields, and in cross-border disputes. The diverse backgrounds, perspectives and experiences of our lawyers and business services professionals contribute to the exceptional service we deliver to clients ranging from startups to multinational companies to sovereign states. For more information, visit www.foleyhoag.com or follow @FoleyHoag on Twitter.