The pharmaceutical startup Oculis Pharma announced a Series A financing led by investors Brunnur Ventures and Silfurberg. The amount is undisclosed.
“We are delighted to receive this support from Brunnur Ventures, Silfurberg and their co-investors to progress our development of DexNP,” Páll Ragnar Jóhannesson, CEO of Oculis, said in a statement. “In addition to providing financial resources, these experienced investors bring Oculis a wealth of operational and industry expertise.”
According to a statement, the new capital will support continued development of the company’s patented solubilizing nanoparticle (SNP) drug delivery platform and the company’s drug candidates, including the first topical eye-drops for treatment of diabetic macular edema. In layman’s terms, the company is both developing a patented technology that increases the effectiveness of eyedrops and solves some of their limitations, and drugs that use this technology. Their diabetic macular edema drug has been approved for treatment in both Europe and the United States.
“Our investment to support the development of Oculis is based on Oculis’ strong scientific research, combined with a great market potential for the company’s drug candidates,” said Árni Blöndal in a statement, GP at Brunnur Ventures, who joins the board following the investment. “The option of drug treatment of DME with self-administered eye-drops, rather than having the only option of surgically injecting drugs into the eye, would by a major advantage in the global battle with this common and severe diabetes complication.”
Stefán Jökull Sveinsson, former head of global R&D at Actavis, one if Iceland’s leading pharmaceuticals, also joins the board in connection with the financing.