TearLab Corporation (OTCPK:TEAR) entered into a definitive agreement for the private placement of common shares for gross proceeds of $25 million from Accelmed Partners II; a fund managed by new investor Accelmed Fund on May 11, 2020. The company will receive funding in two tranches. Post the closing of the transaction, the investor will become the controlling shareholder of the company. Pursuant to the transaction, Lior Shav of Accelmed Fund led the transaction and will join the company’s board of directors and Uri Geiger of Accelmed Fund will become Chairman of the Board. The transaction has been approved by the board of directors of the company. The closing of the transaction is subject to approval from shareholders of the company. The transaction is expected to close in the second quarter of 2020 and is not subject to any financing condition.