Azura Ophthalmics Ltd., a Tel Aviv, Israel-based clinical-stage company developing innovative therapies for Meibomian gland dysfunction (MGD) and related eye diseases, raised US$20m in funding.
The round was led by a syndicate of existing investors including OrbiMed, TPG Biotech, Brandon Capital’s Medical Research Commercialization Fund (MRCF) and Ganot Capital.
On the back of Phase 2 data to date, proceeds from the funding round will be used to advance the company’s lead product candidate AZR-MD-001 through a registration study for the treatment of MGD – an eye condition where the Meibomian glands become dysfunctional, resulting in rapid evaporation of the tear film.
Led by Marc Gleeson, CEO, Azura Ophthalmics is a clinical-stage company which is developing an innovative portfolio of compounds to advance treatments for MGD, the leading cause of DED. Its lead compound AZR-MD-001 is a topical ointment applied to the lower lid that has shown a positive safety and efficacy profile in several studies in MGD. Based on these data and interactions with the U.S. Food and Drug Administration (FDA), the company plans to proceed to registration studies in 2021.
Azura also has operations in Australia and the U.S.