Invirsa Inc., a privately held, clinical-stage pharmaceutical company focused on developing an innovative topically administered eyedrop formulation INV-102 for ocular conditions associated with DNA damage, announced the closing of a $7.7 million Series B financing completed in April earlier this year.
The financing was led by Ohio-based venture firm, CincyTech, with participation from Rev1 Ventures, JobsOhio Growth Capital Fund, and JumpStart Ventures.
The financing advances Invirsa's lead product candidate, INV-102, for treatment of conditions associated with DNA damage. Funds will support a series of Phase 2 studies in conditions including acute infectious keratoconjunctivitis, dry eye disease, and Fuchs corneal dystrophy. In addition, funds will support Phase 3 preparation.
“The recent Series B funding is a significant milestone for Invirsa, which allows us to advance the clinical development of INV-102, a topical eye drop that has completed initial testing in dry eye patients (phases 1 and 2a).
Dry eye continues to be an important market with a significant unmet medical need," said Robert Shalwitz, MD, CEO of Invirsa. “The recent investment led, by CincyTech with other Ohio life science investment funds, provides strong validation of our vision and approach."
CincyTech's Life Sciences Partner, John Rice, added, "There are an estimated 7 to 8 million people in the US alone with dry eye who lack a suitable therapeutic for their condition. As a result, there is a significant need for new, well-tolerated treatment options. We look forward to continuing working with Invirsa's management team to advance INV-102's clinical development for dry eye and other ocular conditions.”