Life Science Angels, Inc., a Bay
Area angel investment group focused exclusively on early stage biotechnology
and medical device companies, has closed its funding of PixelOptics, Inc. LSA
is batting 1000 in its first year of operation -- all six companies presented
to the membership for investment have been funded.
PixelOptics is a privately held Roanoke, Virginia company developing
transformational technology to improve vision. By actively controlling the
focal length of the lens electronically with no moving parts, PixelOptics
improves users' ability to see in a wide variety of situations. For example,
the electro-active lenses effectively address presbyopia, a common condition
affecting most people over the age of 45, by replacing fixed, multi-focal
lenses (such as bifocals and progressive lenses) with lenses that focus
dynamically.
"PixelOptics is an ideal investment for Life Science Angels," said Greg
Scott, co-founder and President of LSA. "The PixelOptics management team had
successfully developed optical technologies for military and consumer
applications in the past, including playing key roles in the development of
Johnson and Johnson's Definity lens that was recently acquired by Essilor, the
world's largest lens manufacturer," he continued. "With early functional
prototypes of their electro-active technology now in place, we believe
PixelOptics will lead a sea change in optical vision technology -- the upside
potential is tremendous."
Ron Blum, founder and CEO of PixelOptics stated, "We were seeking a
partner that could not only provide us with interim funding but also help us
move the lens technology and the business forward. LSA brought a unique
combination of expertise among its 80+ members, including technical and
operational knowledge as well as an extensive business network that includes
venture capitalist and medical device executives. We feel this will give
PixelOptics the ability to move into our next development phase more quickly,"
Mr. Blum continued. "We believe LSA to be the premiere life science / medical
device angel organization in the U.S. and are pleased and honored to have them
involved."
LSA was the lead and sole participant in this round of funding which
provided $465,000 in bridge financing. The funding will be used to further
develop PixelOptic's electro-active technology. PixelOptics also anticipates
closing a much larger round of angel and VC funding in the next few months.

About Life Science Angels:
Life Science Angels, Inc., was founded by senior life science executives
and experienced angel investors as a vehicle to bring angel capital to worthy
early stage life science companies. Formally launched in January 2005, LSA
follows a rigorous selection and due diligence process to identify investments
in emerging biotech and medical device companies with strong upside potential
for its membership. All six companies that have been presented to the LSA
membership this year have been funded.

LSA is sponsored by fifteen top-tier technology and service providers to
the life sciences industry. Founding sponsors of the group are
PricewaterhouseCoopers (New York City), Silicon Valley Bank (Santa Clara, CA),
and Wilson Sonsini Goodrich and Rosati (Palo Alto, CA). LSA's current roster
of sponsors lists the following firms:

BC Tech Inc.
BioQuest LLC
Boston Scientific Inc.
The Carlock Group
Centient Biotech Investor
CPS-Corfac International
Genentech
Heffernan Insurance Brokers
Horn Murdock Cole
Jefferies Broadview
Merrill Corp.
PricewaterhouseCoopers
Silicon Valley Bank
Wilson Sonsini Goodrich and Rosati
Windhover Information Inc.

For further information and participation criteria, visit the LSA website:
http://www.lifescienceangels.com.

About PixelOptics:
PixelOptics, Inc., a privately-held company in Roanoke, Virginia,
addresses the $50 billion global vision care industry with its electro-active
optics technology platform. This patented technology enables lenses to adjust
dynamically, providing optimum vision for the correction of presbyopia (known
to impact 93% of the population over 45 years old) and other visual disorders.
This technology in the future has the potential to provide dynamic Supervision
-- the ability to see better than 20/20 or even 20/10 -- which is of great
interest to the U.S. Military. For further information visit:
http://www.PixelOptics.com.

Company Contacts:
LSA
Ann Gaddy
Ph: 650-494-1464
agaddy@lifescienceangels.com

Jennifer Larson
Ph: 415-946-1074
jlarson@weisscommpartners.com