SpyGlass Pharma announced it has closed on $90 million in Series C financing to support the advancement of clinical research on the company’s drug delivery platform for chronic ophthalmic diseases.
Let’s start with the company.
SpyGlass Pharma is focused on developing the first-ever intraocular lens (IOL)-mounted, controlled-release drug delivery platform that could significantly lower IOP and possibly deliver multiple years of bimatoprost therapy.
And the financing?
The company’s funding round was led by RA Capital Management—a multi-stage investment manager that invests in healthcare and life science companies—along with New Enterprise Associates and Vensana Capital (existing investors) and Samsara BioCapital and Vertex Ventures, HC (new investors).
Exactly what will this financing be invested in?
Essentially, for the company to conduct multiple U.S.-based clinical trials on SpyGlass’ drug delivery platform and its potential to fill an unmet need in the management of glaucoma and other chronic ophthalmic conditions.
Give me more on this platform.
The SpyGlass platform consists of a single-piece, hydrophobic acrylic IOL and two drug-eluting pads—which act as “bladders”—that are securely attached to the haptics of the IOL.
The lens is implanted directly into the capsular bag at the time of cataract surgery.
These drug pads remain outside the visual axis and continuously elute directly into the aqueous humor, targeting 3 years of sustained-release delivery of bimatoprost therapy to lower IOP in patients.
What else?
While the initial program focuses on glaucoma management at the time of cataract surgery, the SpyGlass platform might be extended to treat various types of ophthalmic disease, including chronic uveitis and macular degeneration.
Any clinical data on it yet?
Yes! Back in February 2023, the company released 6-month data from its first-in-human feasibility trial of the platform that demonstrated a 45% mean IOP reduction, no additional IOP-lowering therapies, and no significant adverse events (AEs) across all treatment groups.
See here for more details.
Significance?
Per the company, the SpyGlass platform looks to address the key challenge in treating glaucoma and ocular hypertension along with patient noncompliance associated with the chronic use of topical therapy.
Without major changes to the standard cataract procedure, the platform has the possibility to improve vision due to cataracts while adding the benefit of delivering multiple years of sustained-release bimatoprost therapy for glaucoma patients.
Executive thoughts?
According to SpyGlass Pharma CEO Patrick Mooney, this latest round of funding, “puts the SpyGlass program on a clear path towards phase 1/2 and phase 3 clinical trials to support U.S. registration.”
With that in mind … what’s next?
The company is preparing an investigational new drug (IND) submission to the FDA.
Patient enrollment for a phase 1/2 combined clinical trial is planned for later in 2023.