EyeGate Pharmaceuticals, Inc., a Waltham, MA-based pharmaceutical company developing ocular therapeutics, has secured $22.6m in Series D venture financing.
Existing investors Ventech, Innoven Partners, and Medicis Capital, and two new investors Natixis Private Equity (NPE) and Emerging Capital, participated in the round.
A portion of the funds, $11m, is already available, with the remaining, $11.6m, held in reserve for future use. The new capital will enable the company to continue development of EGP-437 for the treatment of Dry Eye Syndrome (DES), an ocular surface irritation.
According to EyeGate Pharma, the EGP-437, a dexamethasone derived corticosteroid solution, significantly improved the signs and symptoms of DES in a Phase II clinical study and a pivotal study is expected to begin in the first half of 2010.
EGP-437 is part of the company’s strategy of developing a pipeline of medicines using a proprietary non-invasive iontophoretic* drug delivery system (EyeGate® II delivery system) providing formulated therapeutics across the sclera to the anterior and posterior chambers of the eye.
*Iontophoresis is using a small electrical charge to enhance the mobility of molecules across tissues and cells.