Israeli dry eye treatment developer Azura Opththalmics Ltd.. has announced that it has raised $20 million in a financing round led by a syndicate of existing investors including OrbiMed, TPG Biotech, Brandon Capital’s Medical Research Commercialization Fund (MRCF) and Ganot Capital.
Headquartered in Tel Aviv and with operations in Australia and the US, Azura is a clinical-stage company developing innovative therapies for Meibomian gland dysfunction (MGD) and related eye diseases.
Following promising Phase II data, the new funds will be used to advance Azura’s lead product candidate AZR-MD-001 through a registration study for the treatment of MGD, an eye condition where the Meibomian glands become dysfunctional, resulting in rapid evaporation of the tear film.
Meibomian gland dysfunction is the leading cause of evaporative Dry Eye Disease, a condition known to affect more than 30 million adults in the US alone presenting a huge unmet need globally.
Azura’s lead compound AZR-MD-001 is a topical ointment applied to the lower lid that has shown a positive safety and efficacy profile in several studies in MGD. Based on these data and contact with the US Food and Drug Administration (FDA), the company plans to proceed to registration studies in 2021.
Azura CEO Marc Gleeson said, "We are thrilled to enter 2021 with the additional funding that will allow us to conduct the studies needed to build a strong body of clinical evidence for our approach, so we can seek FDA approval for the first ophthalmic keratolytics for the treatment of Meibomian gland dysfunction. We are grateful for the support of our investors who share our conviction that Azura’s medicines in development have the potential to transform treatment and provide hope to millions of patients suffering from unresolved eye conditions."
Published by Globes, Israel business news - en.globes.co.il - on October 23, 2020
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