Liquidia spins out new biotech with $25M A round

Liquidia Technologies has spun out a new biotech company in Research Triangle Park, NC, which boasts an early-stage ophthalmology program and $25 million in venture backing from some high-profile investors. Canaan Partners, New Enterprise AssociatesPappas VenturesMorningside Technology Ventures and Wakefield Group provided a $25 million Series A to advance the pipeline, which is topped by ENV515, an extended-release formulation of a prostaglandin analogue. The biotech believes that the new formulation will lead to a new, simpler dosing schedule glaucoma patients can rely on for better compliance and outcomes. "The success of multiple programs using the PRINT platform over the last several years has led to a wide range of opportunities in multiple therapeutic areas," said Envisia CEO Neal Fowler. "With the formation and financing of Envisia, now we have the ability for both companies to optimally focus on their respective therapeutic areas--ophthalmology for Envisia, and vaccines and inhaled therapeutics for Liquidia." Release

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