Ocular Therapeutix, a medical device manufacturer based in Bedford, Massachusetts, announced that it had successfully raised $24 million in a Series D financing round. Funds from this latest round will be used to pursue development and commercialization of its ocular drug release technology. In the short-term, funds will be used to back clinical trials of its drug elution system.
According to information from the company, the Series D round was backed by existing investors at the company. Current investors include Versant Ventures, Polaris Ventures, Ascension Health Ventures, SV Life Sciences and Sparta LLC.
One of the company’s flagship products is a punctum plug designed for insertion into a patient’s tear duct. Once inserted, the device will deliver a predetermined amount of a drug for months.
Amar Sawhney is the CEO and president of Ocular Therapeutix. In an interview with Mass Device, Sawhney said, "There are many punctum plug-based products. We're focused on glaucoma and postoperative inflammation using a steroid." He continued, "Generally speaking, we would be doing Phase II trials for both of those indications next year. We would potentially be doing Phase III trials and after that, obviously, [FDA] submission would take place."
The company also applied for an FDA PMA for its ReSure sealant. The ReSure Sealant is a specialized hydrogel that is designed to protect ocular incisions after a surgical operation. The company believes it will receive approval for its ReSure sealant later this year.