SilkTech Biopharmaceuticals, a Plymouth MN-based company focused on improving eye health through the development of silk-derived protein biotherapeutics for the targeted treatment of Dry Eye Disease (DED), raised an additional $6.2m in venture financing.
Skyview Ventures made the investment, which brought the total available Series A funding to $11.2m.
The funds have been unlocked by the fact that the company has received clearance of its Investigational New Drug (IND) submission with the U.S. Food and Drug Administration (FDA) for its SDP-4 eye drop product. In addition, SilkTech has initiated a Phase 2 clinical trial for its drug to assess the safety and efficacy of the use of the product in treating the signs and symptoms of DED.
The company intends to use the funds to conduct the Phase 2 clinical trial and ongoing development work.
Founded in 2013 by CEO Brian D. Lawrence, Ph.D., SilkTech Biopharmaceuticals is developing silk-based biotherapeutic technologies for the treatment of DED through the use of its patented silk-derived protein (SDP) technology, which is produced from the naturally occurring Bombyx mori silkworm cocoon.
SDP-4 is an investigational new drug which has not been approved by the US Food and Drug Administration (FDA) for safety or effectiveness.