Orasis Pharmaceuticals LTD, a Herzliya, Israel-based pharmaceutical company, closed a $13m Series B financing.
The round was led by Visionary Ventures, with participation from Sequoia Capital, SBI (Japan) Innovation Ventures, LifeSci Venture Partners, and other private investors. In conjunction with the funding, Jeffry Weinhuff, managing partner of Visionary Ventures and Masafuyu Tanaka, president of SBI (Japan) Innovation Ventures, will join the Orasis Board of Directors.
Led by Elad Kedar, chief executive officer, Orasis is a clinical-stage pharmaceutical company that develops an innovative eye drop for the treatment of presbyopia symptoms as an alternative to reading glasses.
The company intends to use the funds to advance lead product candidate, CSF-1, an eye drop being developed for the treatment of presbyopia symptoms, through completion of its Phase 2b clinical trial, to prepare the Phase 3 trial and to continue pre-commercial activities ahead of the potential launch of CSF-1.