GrayBug, Inc., a Baltimore, Maryland-based pharmaceutical company developing drug delivery therapies and sustained-release compounds for the treatment of eye diseases, closed a $1.74m Series A2 financing round.
The round was led by new investor Hatteras Venture Partners and existing investor Maryland Venture Fund. In conjunction with the funding, Christy Shaffer, Ph.D., Managing Director of Hatteras Discovery at Hatteras Venture Partners, joined as Chairman of GrayBug’s Board of Directors.
The company intends to use the funds to advance development of GB-102, its proprietary microparticle candidate for wet age-related macular degeneration (AMD), as well as enable to expand the development team.
Led by Michael O’Rourke, President and Chief Executive Officer, GrayBug is a preclinical-stage pharmaceutical company focused on developing innovative products for serious ocular diseases including wet AMD and glaucoma. It is developing therapeutic products for major ocular disease indications utilizing proprietary micro- and nanoparticle controlled-release technologies. The company’s technologies were co-developed by several of the founders, including Justin Hanes, Ph.D, Lewis J. Ort Professor of Ophthalmology at the Wilmer Eye Institute at the Johns Hopkins University School of Medicine, in collaboration with Dr. Peter J. McDonnell and Dr. Peter Campochiaro, ophthalmology clinician-scientists from the Wilmer Eye Institute, and licensed from Johns Hopkins University.
GrayBug has also secured funding from the National Eye Institute of the National Institutes of Health, totaling more than $650,000 in the past year with four Small Business Innovation Research (SBIR) grant awards.