Graybug Vision announces $44.5 million Series B financing
The proceeds will be used to further the development of GB-102, Graybug Vision’s lead drug for wet AMD, through Phase II clinical trials and to initiate a clinical program for the company’s proprietary glaucoma compound.
Graybug Vision, a venture-stage pharmaceutical company committed to developing potentially transformative therapies for ocular diseases including wet age-related macular degeneration (AMD) and glaucoma, has announced the closing of a $44.5 million Series B financing. The proceeds will be used to further the development of GB-102, Graybug Vision’s lead drug for wet AMD, through Phase II clinical trials and to initiate a clinical program for the company’s proprietary glaucoma compound. GB-102, a dual acting inhibitor of VEGF and PDGF receptors, may be administered twice per year in wet AMD patients. Graybug Vision is also applying its proprietary injectable depot technology to enable twice per year treatment of glaucoma from a subconjunctival injection.
The Series B financing was led by Deerfield Management Company, and included participation from new investors OrbiMed Advisors, LLC, and Clarus Ventures, LLC along with Series A investor Hatteras Venture Partners. In connection with the financing, Cameron Wheeler, Principal at Deerfield, will join the Graybug Vision Board of Directors along with Chau Khuong, Partner at OrbiMed and Emmett Cunningham, Partner at Clarus.
”We are very excited to work with Graybug Vision to support the significant improvement in care for patients suffering from AMD and glaucoma. This technology is a testament to the early academic work that is done at universities, and we are proud to support the Graybug Vision team and founders from Johns Hopkins University,” said Cameron Wheeler.
“The significant level of investor interest in our Series B financing is further validation of both the approach and the potential of our lead compound, GB-102, to block both the VEGF and PDGF pathways from a single, twice per year injection,” said Jeffrey L. Cleland, PhD, President and CEO of Graybug Vision, Inc. “We are also pleased with the significant investigator interest we’ve already received for our planned Phase I/II clinical program.”
The company recently completed a 6 month study in animals for its lead program, GB-102, a therapy for twice-yearly treatment of wet AMD. This preclinical study demonstrated the ability of Graybug Vision’s proprietary technology to deliver its small molecule drug that blocks both VEGF and PDGF for over 6 months after a single intravitreal injection in rabbits. The technology achieves the 6 month release profile without inflammation or toxicity after an intravitreal injection — an unprecedented result for a non-steroid drug delivered to the eye. The FDA has agreed with the company’s plans for GB-102 IND-enabling studies and for a Phase I/II study in wet AMD patients to be initiated in early 2017 to confirm the results to date in animals.
Related News
-
News Patients vs Pharma – who will the Inflation Reduction Act affect the most?
The Inflation Reduction Act brought in by the Biden administration in 2022 aims to give better and more equitable access to healthcare in the USA. However, pharma companies are now concerned about the other potential costs of such legislation. -
News CPHI Podcast Series: What does the changing US Pharma market mean for industry and patients alike?
In this week's episode of the CPHI Podcast Series Lucy Chard, Digital Editor for CPHI Online is joined by James Manser to discuss the political and market changes in the US pharma field. -
News CPHI Barcelona Annual Report illuminates industry trends for 2024
The CPHI Annual Survey comes into it’s 7th year to report on the predicted trends for 2024. Over 250 pharma executives were asked 35 questions, with their answers informing the industry landscape for the next year, spanning all major pharma marke... -
News Which 10 drugs are open to price negotiation with Medicare in the USA?
The Centres for Medicare & Medicaid Services, under the Biden administration in the USA, has released a list of the 10 drugs that will be open to price negotiations as part of the new legislation under the Inflation Reduction Act (IRA). -
News EU Medical Devices Regulation causes unintended disappearances of medical devices for children, doctors state
Doctor groups and associations have appealed to the EU to correct the EU Medical Devices Regulation law that may cause unintended shortages of essential drug and medical devices for children and rare disease patients. -
News 10 Major Drug Approvals So Far in 2023
Last year, 37 novel drugs were approved by the FDA, this was a high number for such a category, and covered many fields including oncology, demonstrating how promising further research is, and how it is only continuing to build. To date, there are alre... -
News Detecting Alzheimer's disease with a simple lateral flow test
A novel rapid diagnostic test for early-stage Alzheimer's disease has been developed using a biomarker binder from Aptamer Group along with technology from Neuro-Bio, the neurodegenerative disease experts. -
News CPHI Podcast Series: outsourcing and manufacturing trends
Listen to the CPHI Podcast Series this June to hear Gil Roth of the PBOA speak with Digital Editor Lucy Chard about the biggest trends and topics to watch in pharma outsourcing and manufacturing at the minute.
Position your company at the heart of the global Pharma industry with a CPHI Online membership
-
Your products and solutions visible to thousands of visitors within the largest Pharma marketplace
-
Generate high-quality, engaged leads for your business, all year round
-
Promote your business as the industry’s thought-leader by hosting your reports, brochures and videos within your profile
-
Your company’s profile boosted at all participating CPHI events
-
An easy-to-use platform with a detailed dashboard showing your leads and performance