Ocular Therapeutix, Inc. announced today that it has closed a $14 million Series D round of financing. The round was led by Ascension Health Ventures of St. Louis, Missouri, with continued participation by existing investors including Polaris Ventures, SV Life Sciences and Versant Ventures.
The funding will be used to support Ocular Therapeutix's Phase II clinical trials across a variety of therapeutic areas. The first trial will be conducted to reinforce safety and test efficacy of their first sustained drug delivery system, a moxifloxacin-loaded punctum plug. Following, Ocular Therapeutix plans to initiate additional Phase II clinical trials for punctum plugs designed for the management of glaucoma, dry eye, and allergies, which combined represent markets over $3 billion.
"Ocular Therapeutix is developing an exciting platform of products that promises to meet prevalent medical and surgical needs within a variety ophthalmic disorders," commented Tara Butler, MD, Investment Director at Ascension Health Ventures. "We are excited to be part of such promising technology."
This financing round comes on the heels of Ocular Therapeutix's sustained drug delivery proof of principle study, in which their moxifloxacin-loaded punctum plug achieved 100% retention in all patients as proven via tear fluid testing. Additionally, the plug demonstrated sustained and favorable levels of moxifloxacin throughout the 10-day treatment period.
"The support we are receiving from current and new investors highlights the success of our proof of principle study and our drug delivery platform technology as a whole," commented Amar Sawhney, President and CEO of Ocular Therapeutix. "We look forward to the continued development and success of this program."
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