Israeli ophthalmic pharmaceutical company Orasis today announced the closing of a $30 million Series C financing round co-led by new investor Bluestem Capital and returning investor Visionary Ventures, with participation from previous investors Sequoia Capital, SBI (Japan) Innovation Fund, Maverick Ventures Israel, LifeSci Venture Partners and additional investors. Tyler J. Stowater Bluestem Capital VP and partner will join the Orasis board.
The funds will be used to advance Orasis’ lead eye drop candidate for the treatment of presbyopia symptoms through completion of its Phase III clinical trials. The funds will also be used for pre-commercialization activities ahead of potential product launch. Presbyopia is the loss of ability to focus on near objects as a result of the natural aging process.
Orasis CEO Elad Kedar said, "We aspire to make near vision clear again for people with presbyopia by empowering them with an unparalleled solution, an eye drop that will provide them with comfort and control of their near vision. Our product candidate has demonstrated excellent efficacy, safety and comfort profiles in previous clinical studies and we look forward to initiating our Phase III clinical trials to further evaluate the effectiveness of the product in the near future."
Stowater added, "With almost two billion people in the world living with presbyopia, the market potential for a novel, non-invasive option is highly anticipated by eyecare providers and patients. We have high confidence in the Orasis team, to successfully complete its clinical program, and apply their informed commercial approach, which will make Orasis a leader in the presbyopia space."
en.globes.co.il - on September 10, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020