Orasis Pharmaceuticals announced the closing of a $30 million Series C financing. Proceeds from the financing will be used to advance Orasis’ lead eye drop candidate for the treatment of presbyopia symptoms through completion of its phase 3 clinical trials. The funds will also be used for pre-commercialization activities ahead of potential product launch.
“This successful funding round completes the capitalization for the phase 3 clinical trials and fuels the initial growth strategy for commercialization,” Elad Kedar, chief executive officer of Orasis, said in a company news release. “We aspire to make near vision clear again for people with presbyopia by empowering them with an unparalleled solution, an eye drop that will provide them with comfort and control of their near vision.”
The financing was co-led by new investor Bluestem Capital and returning investor Visionary Ventures, with participation from other returning investors Sequoia Capital, SBI (Japan) Innovation Ventures, Maverick Ventures Israel, LifeSci Venture Partners and additional investors. Tyler J. Stowater, partner and vice president of Bluestem Capital, will join the Orasis Board of Directors in conjunction with the financing.
“We are very grateful for and highly encouraged by the validation from a diverse range of investors, including the co-lead investors Bluestem Capital and Visionary Ventures, and our returning investors,” Mr. Kedar said. “Our product candidate has demonstrated excellent efficacy, safety and comfort profiles in previous clinical studies and we look forward to initiating our phase 3 clinical trials to further evaluate the effectiveness of the product in the near future.”
“With almost 2 billion people in the world living with presbyopia, the market potential for a novel, non-invasive option is highly anticipated by eyecare providers and patients,” Tyler J. Stowater, partner and vice president of Bluestem, said in the news release. “We have high confidence in the Orasis team, to successfully complete its clinical program, and apply their informed commercial approach, which will make Orasis a leader in the presbyopia space.”