SpyGlass Pharma has closed a Series D funding round, raising $75m to advance the company’s drug delivery platform to offer long-term medical therapy for chronic ophthalmic conditions, including glaucoma.
The financing will aid the platform to progress through the readout of two registrational Phase III studies scheduled to commence in the second half of 2025.
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Headed by Sands Capital, the financing round saw the participation of Gilde Healthcare and current investors New Enterprise Associates, RA Capital, Samsara BioCapital, Vensana Capital and Vertex Ventures HC.
SpyGlass Pharma president and co-founder Dr Malik Kahook stated: “We believe our approach represents a paradigm shift in the treatment of eye diseases, such as glaucoma, with significant advantages compared to currently commercialised therapies.
“The long-term safety and efficacy demonstrated from both the first-in-human feasibility trial and the Phase II, multi-centre, randomised clinical trial showing significant and sustained intraocular pressure-lowering in glaucoma patients, is compelling.”
According to SpyGlass, the platform comprises a single-piece, hydrophobic acrylic intraocular lens (IOL) and two drug-eluting [removing with a solvent] pads.
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By GlobalDataThe pads slide over each haptic and attach at the haptic junction.
The platform’s design allows the IOL and drug pads to be loaded into a standard IOL injector. The lens is then injected via a sub-2.4 mm incision and implanted into the capsular bag.
The drug pads, positioned outside the visual axis, offer continuous release of medication to the aqueous humour, which then distributes the active drug to the intended ocular tissues.
SpyGlass Pharma’s platform with bimatoprost is intended to provide up to three years of treatment for targeted tissues.
The company has concluded enrolment for a Phase I/II trial in the US, focusing on the efficacy and safety of the platform in a larger patient pool.
The platform has not yet received US Food and Drug Administration approval, and the company is collaborating with the agency to progress the programme through Phase III trials towards commercial approval.
