Investors have bought into MediPrint Ophthalmics’ vision for drug delivery contact lenses. With a phase 2b of its lead glaucoma asset looming into view, MediPrint has pulled together a series A to bankroll its next steps.
The $2.5 million first close of the series A financing round coincided with the release of phase 2a data on MediPrint’s lead candidate, a weekly medicated contact lens that releases the synthetic prostaglandin analog bimatoprost to treat open angle glaucoma and ocular hypertension.
With MediPrint emerging from the phase 2a with evidence of the safety and tolerability of LL-BMT1 plus an early glimpse of its potential efficacy, the company is preparing to test escalating doses in a phase 2b clinical trial. The series A round, which is expected to close in the second quarter, will support work on the phase 2b study and the end of phase 2 meeting with the FDA.
News of MediPrint’s series A round comes weeks after the FDA approval of Johnson & Johnson’s contact lens for treating eye itchiness caused by allergies. MediPrint CEO Dan Myers framed the approval of the product, which is designed to release an antihistamine, as a positive for the broader push to use contact lenses as drug delivery vehicles.
“Considering the recent FDA approval of a major eye care company’s medication-releasing contact lens for allergy, there is a growing acceptance by regulators, investors and eye care practitioners that medicated contact lenses are a viable, necessary treatment option for millions of patients. We are finally seeing the promise of drug-eluting contact lenses starting to be realized, and MediPrint is proud to be on the cutting edge of research in this field,” Myers said in a statement.
According to MediPrint, there are 40 million wearers of soft contact lenses in the U.S., and most of them will develop an eye condition or disease at some point in their lives. That suggests medicated contact lenses may offer many patients an easier way to comply with treatment regimens than existing options.