BELLEVUE, Wash., April 13, 2021 /PRNewswire/ — Innovega Inc. received SEC qualification for its $15 million Regulation A+ offering which set in motion the conversion of reservations to completed investments. The converted reservations reached the minimum threshold for the offering on April 11.
Innovega Co-Founder and CEO Steve Willey commented, “Investors exceeded our expectations and reserved approximately $1.5 million in shares by March 31. We were also pleased to receive our qualification of this Reg A+ offering by the Securities and Exchange Commission (SEC) on the same day. The SEC qualification allowed Innovega, through its partner SeedInvest, to transition these reservations to investments.” He added, “We secured our minimum target of $750,000 faster than expected. We are grateful to our existing shareholders and new investors who responded to our request and assisted us in the rapid achievement of this important milestone. We will now press on to fill the $15 million offering.”
The online public offering is presented by SeedInvest at https://www.seedinvest.com/innovega/. The intended use of funds will accelerate the clinical development plans for the company’s novel smart contact lenses and the development of reference designs for display eyewear for numerous augmented and virtual reality applications.
Innovega is in clinical development for FDA market clearance for its iOptik® contact lenses in the U.S., along with seeking CE marking for the commercial launch in Europe.
“This is an exciting time for Innovega, its shareholders and enthusiasts,” said Willey. “We look forward to the solid funding to meet milestones required by our commercial launch partners across a wide range of augmented and virtual reality applications.”
Innovega Inc. is developing stylish, lightweight, wearable displays that feature a high-resolution, panoramic-field-of-view system for medical, consumer and industrial application. The Company is licensing its technology into the $74 billion global vision care market with a first focus on image enhancement for the visually impaired. Its transformative patented platform, eMacula®, combines eyewear and iOptik® high-resolution smart contact lenses to deliver broad application in medicine, augmented reality and virtual reality. The Company has been supported by the Defense Advanced Research Projects Agency (DARPA), National Eye Institute of National Institutes of Health and National Science Foundation; and received investments from strategic partners.
Innovega is offering securities through the use of an Offering Statement that has been qualified by the Securities and Exchange Commission under Tier II of Regulation A. A copy of the Final Offering Circular that forms a part of the Offering Statement may be obtained from Innovega: https://www.seedinvest.com/innovega/.
Stephen Willey, CEO
SOURCE Innovega Inc.