After a successful round of financing, PolyActiva wants drugmakers and possible commercial partners to know it's ready to make a deal concerning its newly developed drug-delivery eye implant.
Looking to combine its dissolving intraocular implant with treatments meant for the back of the eye, the Australian medical device company aims to join forces with drug companies that want to make use of the new technology with their own compounds, CEO Russell Tait said in a statement. Tait also expressed interest in licensing out to those drug companies outright.
PolyActiva secured $9.5 million in Series B financing for its development of drug-coated intraocular implants to treat glaucoma and other severe eye infections.
The Melbourne-based company uses a polymer technology for its implants that allows for the sustained release and targeted delivery of drugs to the back of the eye. Furthermore, the implant is designed to dissolve safely in the eye upon completion. The tech has been used successfully in animal testing, PolyActiva said in a release.
The recent financial boon will back preclinical and clinical programs for the intraocular devices, as well as a similar implant for osteoarthritis, the company said. The second round brought funding from angel investors such as the Medical Research Commercialization Fund, Brandon Biosciences Fund 1 and Yuuwa Capital. It follows a 2011 Series A round.
Several large companies are vying for a shot at the intraocular device market, including Glaukos, which raised $30 million in a new venture round this month, and Abbott Laboratories ($ABT), which earned FDA approval for its eye surgery device.
- read the release
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