EyeGate Pharma Secures $22M in Series D Venture Funding for Continued Development of EGP-437 for Dry Eye Syndrome
WALTHAM, MA -- (Marketwire) -- 01/08/10 -- EyeGate Pharma, a privately held venture-backed pharmaceutical company developing ocular therapeutics, announces today that it has secured $22.6M in Series D venture financing -- $11M available in December 2009, the remaining $11.6M held in reserve for future use.
The funding will be used to continue development of EGP-437 for the treatment of Dry Eye Syndrome (DES), an ocular surface irritation affecting several million men and women in the United States. EGP-437, a dexamethasone derived corticosteroid solution, significantly improved the signs and symptoms of DES in a Phase II clinical study. A pivotal study is expected to begin in the first half of 2010.
EGP-437 is part of the Company's broader strategy of developing a pipeline of medicines for treating ocular diseases using its proprietary EyeGate® II Delivery System, a non-invasive iontophoretic drug delivery system. Iontophoresis is using a small electrical charge to enhance the mobility of molecules across tissues and cells. The EyeGate II Delivery System delivers specially formulated therapeutics across the sclera to the anterior and posterior chambers of the eye.
Participating in this funding are existing investors Ventech, Innoven Partners, and Medicis Capital, and two new investors Natixis Private Equity (NPE) and Emerging Capital. NPE, the investment arm of Natixis, specializes in venture capital, growth capital, buy-ins and buy-outs, and invests primarily in the life science and IT sectors.
About EyeGate Pharma
Eyegate Pharmaceuticals, Inc. is focused on developing treatments for unmet ocular medical needs by employing the EyeGate® II Ocular Drug Delivery System, a non-invasive drug delivery technology. The EyeGate® II delivery system is compatible with a wide range of therapeutics; therefore, it has the potential to address many anterior and posterior segment diseases. EyeGate® II has been studied in over 200 subjects and is the first ocular iontophoretic system to have completed Phase II studies (Dry Eye and Uveitis). For more information, please visit www.eyegatepharma.com.