EyeGate Pharma Secures $15M in Series C Venture Funding
Prepares for Two Phase II Clinical Studies in Severe Uveitis and Dry Eye
WALTHAM, MA--(Marketwire - March 12, 2008) - EyeGate Pharma, a privately held, specialty pharmaceutical company using iontophoresis technology to safely and non-invasively deliver therapeutics into the front and back of the eye for treating serious ocular diseases, today announced that the company has secured $15 million in a Series C venture financing round. New investor, Medicis Capital, joins existing investors Ventech, Innoven Partenaires and The Nexus Group. This funding brings the total venture investment in EyeGate to $31 million to date.
Stephen From, President and Chief Executive Officer of EyeGate Pharma, commented, "With this venture financing, EyeGate will enter into two Phase II clinical studies utilizing the EyeGate II Delivery System and a proprietary formulation of a corticosteroid. In the first half of 2008 we will initiate a Phase II trial in severe uveitis, and in the second half of the year we will initiate a Phase II trial in dry eye. EyeGate is well on its way to becoming a leader in ophthalmic drug development and the delivery partner of choice for ophthalmic drug developers."
Alain Maiore, Managing Partner of VenTech, added, "This is a very important time for EyeGate as the company readies itself for clinical development of two ophthalmology indications. Over the past year, EyeGate has optimized its ocular delivery platform -- the EyeGateÂ® II Delivery System, and built on its strong intellectual property position. This platform was developed to deliver a wide range of therapeutics, giving EyeGate the ability to quickly develop a pipeline of commercially attractive compounds."
About Medicis Capital
Medicis provides capital to innovative teams and companies in the life sciences and healthcare market. The firm's mission is to provide their market know how as well as their distinctive financial and business network to companies employing cutting edge life science technologies or novel health management concepts and/or systems. Jointly with their portfolio companies, they strive to improve the quality and efficiency of the life science and healthcare market. To reach Medicis, visit www.medicis.de.
About EyeGate Pharma
EyeGate Pharma was founded in 1999 with technology licensed from Bascom Palmer Eye Institute at the University of Miami. EyeGate's transscleral (across the sclera, or white protective outer membrane of the eye) iontophoresis delivery platform, the EyeGateÂ® II Delivery System, was developed to safely deliver a wide range of therapeutics to both the anterior (front) and posterior (back) chambers of the eye. An 89-patient clinical study, using the company's first-generation delivery device, demonstrated significant decreases in inflammatory markers and concurrent increases in visual acuity. A typical application takes less than five minutes and has been shown to be extremely well tolerated in patients suffering from severe uveitis and other inflammatory ocular diseases. Clinical studies utilizing the EyeGateÂ® II Delivery System are scheduled to begin in the first half of 2008. For more information please visit www.eyegatepharma.com.