Qlaris Bio, a Dedham, MA-based clinical-stage biotechnology company, raised $24M in Series B funding.
The round was led by Canaan and New Leaf Venture Partners, with participation from funds managed by abrdn Inc., as well as existing investors Mayo Clinic Ventures and Correlation Ventures.
Founded in August 2019 and led by Thurein Htoo, MS, MBA, Chief Executive Officer, Qlaris Bio develops novel therapies with mechanisms of action to address serious and debilitating ophthalmic diseases. Its lead program, QLS‑111, uses ATP-sensitive potassium channel modulators that improve outflow through distal vascular tissues of the eye to reduce IOP.
The company intends to use the funds to support the continued clinical development of QLS‑111, a first-in-class therapeutic being developed to lower intraocular pressure (IOP) by targeting episcleral venous pressure (EVP). Qlaris is currently conducting two U.S. Phase II clinical trials of QLS‑111 (Osprey and Apteryx). The Osprey and Apteryx studies are investigating the safety, tolerability, optimal dosing, and efficacy of QLS‑111 in patients with open angle glaucoma (OAG) and ocular hypertension (OHT). Additional clinical advancements, including the initiation of the Nightingale Phase II clinical trial in normal tension glaucoma (NTG), are anticipated by the end of 2024.
The science behind QLS‑111 originated in the lab of Dr. Michael Fautsch, Ph.D., a Mayo Clinic professor of ophthalmology, biochemistry, and molecular biology. The drug candidate aims to lower IOP by relaxing vessels of vascular and vascular-like tissues distal to the trabecular meshwork, thereby reducing distal outflow resistance and lowering EVP. Preliminary data suggest that QLS‑111 is well-tolerated with no significant hyperemia or safety concerns.
FinSMEs
30/04/2024