German Company Retina Implant AG Decides to Shut Down

Retina Implant AG shareholders decided to dissolve the company March 19, 2019, at a general meeting.

The German company announced the decision on its website a few days later.

Founded in 2003, Retina Implant was developing the Alpha AMS subretinal implant for retinitis pigmentosa and the OkuStim system for transcorneal electrical stimulation.

Retina Implant attributed its closure to two factors.

It said its work was hampered by the “innovation-hostile climate of Europe's rigid regulatory and health systems.”

Still, Retina Implant’s first-generation Alpha IMS subretinal implant gained CE marking in July 2013 and the Alpha AMS achieved the milestone in March 2016. The company’s OkuStim treatment also had CE marking.

The company secured €26 million in private funding in early 2016 that it planned to use to establish new implanting centers around the world.

Retina Implant’s second reason for closing was patient results fell short of expectations.

“Even after 16 years of intensive research, the very promising medical advances that have been made at the beginning unfortunately did not lead to the concrete benefit in everyday life of those affected, which we had sought,” the company said.

Retina Implant said it is trying to ensure that its clinical partners and attending doctors continue to support current implant and therapy users as best they can.

“We have all worked hard and with passion to make life easier for blind people,” the company said. “We are all disappointed and sad that we have not managed to succeed to the extent we had all hoped.”