SpyGlass Pharma announced closing $90 million in Series C financing. The financing, which was led by RA Capital Management alongside existing investors New Enterprise Associates ("NEA") and Vensana Capital, as well as new investors Samsara BioCapital and Vertex Ventures HC, will enable the company to conduct multiple US clinical trials of SpyGlass' innovative drug delivery platform.
The SpyGlass system has the potential to deliver multiple years of medical therapy to address significant unmet needs in glaucoma management as well as other chronic ophthalmic diseases, when implanted at the time of routine cataract surgery.
"The strong support from our investors validates the potential of the SpyGlass drug delivery platform to meet significant unmet needs for ophthalmic patients and their eye doctors. This round of financing puts the SpyGlass program on a clear path towards Phase 1/2 and Phase 3 clinical trials to support US registration," said Patrick Mooney, CEO of SpyGlass Pharma.
"We believe our approach represents a paradigm shift in the treatment of eye diseases, such as glaucoma, with significant advantages compared to currently commercialized therapies," said Dr. Malik Y. Kahook, MD, co-founder and president of SpyGlass Pharma. "The efficacy and safety demonstrated from the first-in-human feasibility trial showing 45% mean IOP-lowering in glaucoma patients, with 100% of subjects off all topical medication 9 months after implantation, is remarkable."
"We're thrilled to lead this financing round to advance SpyGlass' platform technology through the next phases of clinical development," said Zach Scheiner, PhD, Principal at RA Capital Management. "There remains a huge unmet need for novel technologies that safely address the challenge of patient adherence in treating glaucoma and other chronic eye diseases. SpyGlass has developed an elegant solution and generated impressive nonclinical and first-in-human data that show great promise for improving patient care and treatment outcomes."