AqueSys
AcquiredAliso Viejo, US · 4 known investors
AqueSys was a clinical-stage ophthalmic device company behind the XEN Gel/XEN45 glaucoma shunt, acquired by Allergan in 2015.
Also known as AqueSys, Inc.
Founders & leadership
Investors · 4
Also in the syndicate · 1
Reported raises · per SEC filings
Form D private placements▶$30MraisedJan 2014 · 10 investors · BiotechnologyRule 506(b)
- Michael TysonExecutive Officer
- Ron BacheExecutive Officer, Director
- Andrew CorleyDirector
- Steven WaiteDirector
- Julie BakkerDirector
- David MilneDirector
- Anthony LandoDirector
- Ryan SchwarzDirector
- Offering amount
- $30M
- Amount sold
- $30M
- First sale
- Jan 2014
- Incorporated
- Corporation, Delaware
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Company profile
researched Aug 2026AqueSys, Inc. was a venture-backed, clinical-stage medical device company based in Aliso Viejo, California, that developed ocular implants intended to reduce intraocular pressure (IOP) associated with glaucoma. Its lead product was the XEN Gel Stent, also referred to as XEN45, a soft shunt used in minimally invasive glaucoma surgery (MIGS). The device is implanted by ophthalmologists in the anterior chamber of the eye using a single-use, pre-loaded injector and shunts aqueous fluid from the anterior chamber into the sub-conjunctival space, lowering IOP while aiming to protect against hypotony (excessively low IOP) associated with existing subconjunctival procedures.
The company pursued regulatory clearance in multiple markets. XEN45 received a CE mark in the European Union for reduction of IOP in patients with primary open-angle glaucoma in whom prior medical treatment had failed, permitted either as a standalone procedure or in conjunction with cataract surgery, and was also approved in Turkey, Canada and Switzerland. In the United States, the device was in late-stage development: AqueSys completed a first clinical trial under an FDA investigational device exemption (IDE) and initiated a second IDE trial of another XEN Gel model, with the final U.S. IDE trial fully enrolled as of the second quarter of 2015 and FDA approval expected via the 510(k) pathway by late 2016 or early 2017.
AqueSys was led by president and CEO Ron Bache. Allergan plc completed the acquisition of the company in October 2015.
Business model
AqueSys operated as a clinical-stage medical device developer, funding development of its implantable glaucoma shunt through venture capital while pursuing regulatory approvals and commercialization of the device for use by ophthalmic surgeons.
Traction
The company completed its first FDA IDE clinical trial and closed enrollment in a U.S. trial of the XEN Gel stent in January 2014, initiated a second IDE trial of another XEN Gel model, and had its final U.S. IDE trial fully enrolled as of the second quarter of 2015. International trials were reported to show lowering of intraocular pressure via subconjunctival drainage.
Latest developments
Allergan plc announced the acquisition of AqueSys in September 2015 and closed the all-cash transaction on October 19, 2015, paying $300 million up front plus unspecified regulatory approval and commercialization milestone payments tied to XEN45.
▸Full profile — market position, technology, go-to-market, geography, history
Market position
AqueSys positioned XEN45 within the minimally invasive glaucoma surgery segment as a dropless alternative to conventional eye-drop treatment; Allergan described the asset as complementary to its eye care portfolio and late-stage ophthalmic pipeline.
Technology
The XEN Gel Stent / XEN45 is a soft, minimally invasive implantable shunt placed in the anterior chamber of the eye through a single-use, pre-loaded injector. It routes aqueous fluid from the anterior chamber into the sub-conjunctival space — the subconjunctival drainage mechanism of action — to lower intraocular pressure, and is designed to limit the risk of hypotony associated with conventional subconjunctival procedures.
Go-to-market
Ophthalmologists and glaucoma surgeons treating patients with primary open-angle glaucoma, particularly those for whom prior medical (eye drop) therapy has failed or where compliance with drop regimens is a concern.
Geography
Headquartered in Aliso Viejo, California, with international clinical trials and regulatory approvals for XEN45 in the European Union (CE mark), Turkey, Canada and Switzerland, and late-stage clinical development in the United States.
History
AqueSys developed the XEN Gel Stent as a venture-backed medical device company with investors including Accuitive Medical Ventures, The Carlyle Group, Longitude Capital, Rho Ventures and SV Life Sciences. In January 2014 it closed a $43.6 million Series D round and completed enrollment in a U.S. clinical trial of the stent. In 2015 the company was acquired by Allergan plc, and its former president and CEO Ron Bache subsequently became CEO of Bache, Inc., an Allergan special advisor and an operating partner at Invus Opportunities.
Compiled by commissioned research from 4 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 4
launches, deals, and filingsAllergan plc closed its all-cash acquisition of AqueSys, Inc., comprising a $300 million up-front payment plus potential regulatory approval and commercialization milestone payments related to XEN45. The deal had been announced the prior month.
$300M source ↗
The final U.S. Investigational Device Exemption clinical trial of XEN45 was fully enrolled as of the second quarter of 2015, with FDA approval expected by late 2016 or early 2017 via the 510(k) pathway.
AqueSys announced a $43.6 million Series D financing led by an unnamed lead investor, with existing backers Accuitive Medical Ventures, The Carlyle Group, Longitude Capital, Rho Ventures and SV Life Sciences participating; proceeds were earmarked for clinical trials, regulatory work and commercialization.
$43.6M source ↗
AqueSys completed its first clinical trial under an FDA investigational device exemption for the minimally invasive XEN Gel stent and closed enrollment in its U.S. trial, while initiating enrollment in a second IDE trial of another XEN Gel model.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 4
primary sources listed
- AqueSys raises $43.6M and closes U.S. trial of XEN Gel glaucoma stent - MassDevicemassdevice.com · web
4 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does AqueSys do?
- AqueSys was a clinical-stage ophthalmic device company behind the XEN Gel/XEN45 glaucoma shunt, acquired by Allergan in 2015.
- Who are AqueSys's investors?
- AqueSys's investors include Rho Capital Partners, Rho Ventures, SV Health Investors.
- Where is AqueSys headquartered?
- AqueSys is headquartered in Aliso Viejo, US.