The funding will give a boost to the development of the company's novel photo-crosslinked EyeLief, EyeLief-SD, and OcuLie biodegradable drug-delivery technologies.
Re-Vana Therapeutics Ltd. announced the closure of its Series A round with $11.9 million in funding, an oversubscription of $4 million.
The financing was led by Visionary Ventures. Additional investors include ExSight Ventures, InFocus Capital Partners and current UK investors Quibis Ltd, Co-Fund NI and TechStart Ventures.
The proceeds will advance the development of Re-Vana's novel and proprietary photo-crosslinked EyeLief, EyeLief-SD and OcuLie biodegradable drug delivery technologies and will enable expansion of the company's operations and development teams.
With the successful completion of key nonclinical ocular safety, tolerability and efficacy studies, Re-Vana has demonstrated that its platform can achieve 6 months or greater sustained delivery of an anti-VEGF biologic at therapeutically relevant levels with high drug loading, controlled burst release, and a favourable degradation profile.
According to the company, its platform has the potential to enable sustained drug delivery via non-surgical administration in office-based settings to treat ocular disease, overcoming several long-standing limitations and challenges in the field.
In conjunction with this financing, Re-Vana's board of directors has been further strengthened by the appointments of Robert Avery, MD, of Visionary Ventures and InFocus Capital Partners, as board member, and Michael O'Rourke, President and CEO of Re-Vana Therapeutics, as Board Chairman.
"Financing from new and existing investors during this challenging time is a testament to the potential of Re-Vana's technologies for sustained delivery of biologic therapeutics," O'Rourke said in a prepared statement. "We are especially fortunate to have received follow-on financing from multiple, highly respected, US ophthalmic-focused venture capital firms and UK investors. Their proven knowledge and expertise in ophthalmology are invaluable additions to Re-Vana as we accelerate the development of our pipeline and expand our strategic partnerships."
"Re-Vana's proprietary technology platforms offer significant potential to deliver both novel and approved biologics for at least 6 months in the clinic, reducing the need for frequent intravitreal injections and extending therapeutic efficacy in the treatment of major eye diseases," Avery pointed out.
Re-Vana is a technology spin-out from Queen's University, located in Belfast, Northern Ireland. The company is currently developing sustained release ophthalmic therapeutics aimed at reducing the frequency of intravitreal injections required to treat a wide range of retinal diseases, including wet age-related macular degeneration.
In addition, Re-Vana's proprietary photo-crosslinked, sustained-release technology may enable the development of a broad range of novel, sustained-release products applicable to a variety of therapeutic areas.