AqueSys

About AqueSys

AqueSys, Inc., founded in 2006 and headquartered in Southern California, operated as a clinical-stage medical device company focused exclusively on treatments for glaucoma. The company's business centered on the research, development, and commercialization of a minimally invasive glaucoma surgery (MIGS) device to lower intraocular pressure (IOP), a primary risk factor for vision loss from the disease. The company's primary clients are ophthalmologists and surgeons specializing in glaucoma treatment. AqueSys's key asset was the XEN Gel Stent platform. Ron Bache served as the President and CEO, joining in 2009 when the company was in a technology incubator phase. His extensive background in the ophthalmic surgical market, including a role as Global Vice President at Advanced Medical Optics (the spinout of Allergan Surgical), was instrumental in guiding AqueSys. Under his leadership, the company was spun out, raised approximately $77 million in capital, and advanced its product through clinical trials.

The flagship product, the XEN45 Gel Stent, is a soft, permanent implant, approximately the length of an eyelash, made from a collagen-derived gelatin. It is designed to be inserted into the eye through a small, self-sealing corneal incision using a pre-loaded, single-use injector—a procedure known as an ab-interno approach. Once implanted, the stent becomes flexible and creates a new drainage channel, shunting aqueous fluid from the anterior chamber to the subconjunctival space to effectively lower eye pressure. This approach avoids the need for tissue dissection and sutures, offering a less invasive alternative to traditional glaucoma surgeries. The business model revolved around selling this single-use, pre-loaded injector and stent system to ophthalmology professionals.

A significant milestone was achieved in September 2015, when Allergan plc entered an agreement to acquire AqueSys. The deal involved a $300 million upfront payment, with additional milestone payments contingent on regulatory approvals and commercial success. The acquisition was successfully completed in October 2015, integrating the XEN45 into Allergan's portfolio of eye care treatments. Following the acquisition, the XEN Glaucoma Treatment System received FDA approval in November 2016 for managing refractory glaucoma. The device had already received CE Mark approval in Europe and was cleared for use in Canada, Switzerland, and Turkey.