Envisia Therapeutics, a Research Triangle Park-based clinical-stage biotechnology company focused on the development of novel extended-release therapies in ophthalmology, raised an additional $16.5m in Series A funding.
Backers included existing investors.
The company will use the funds to continue the clinical evaluation of its lead product, ENV515 for glaucoma, through phase 2 studies and to advance two other products in the pipeline through key data milestones.
Led by Benjamin Yerxa, President, Envisia focuses on the development of novel ocular therapeutics, with current programs in glaucoma, diabetic macular edema (DME) and age-related macular degeneration (AMD).
ENV515 for glaucoma, its lead product candidate, is a biodegradable formulation of a marketed prostaglandin analog travoprost that has the potential to lower intraocular pressure (IOP) for more than six months from a single dose and may be effective in addressing the issue of poor patient compliance that exists today with daily eye drops. Enrollment has been completed in the second cohort (low dose formulation) of the phase 2a study and safety and efficacy data is expected to be available in May 2016. A third cohort (high dose formulation) is expected to enter clinical testing in mid-year 2016.
ENV1105 for DME is an intravitreal, biodegradable particle formulation of the steroid dexamethasone with a six-month minimum duration of action. The pre-Investigational New Drug (IND) meeting was conducted with the FDA in the first quarter of 2016.
The company expects to advance the program through preclinical testing and into clinical development in the first half of 2017.