Clearside Biomedical, Inc., an Alpharetta, GA-based clinical-stage biopharmaceutical company, closed a $16m Series B financing.
Backers included new investor RusnanoMedInvest (RMI) and existing investors Hatteras Venture Partners, Santen Pharmaceuticals Co. Ltd., Mountain Group Capital and Georgia Research Alliance Venture Fund.
The company intends to use the funds to develop its proprietary suprachoroidal space (SCS) drug administration and advance its CLS-1001 and CLS-1003 programs into Phase 2 trials by the end of 2014.
Clearside Biomedical develops drug therapies to treat chronic, blinding diseases of the eye. Its product candidates focus on diseases affecting the retina and the choroid, especially diseases associated with macular edema, and are injected non-surgically into the suprachoroidal space with a proprietary microinjector.