NEW YORK, May 2, 2016 /PRNewswire/ -- Deerfield announced today it led the $44.5 million Series B financing of Graybug Vision, Inc. Graybug Vision is an early stage pharmaceutical company committed to developing therapies that may transform care for ocular diseases including wet age-related macular degeneration (AMD) and glaucoma. Graybug Vision's technology was first developed at Johns Hopkins University and has been spun out into a startup venture.
Graybug Vision is developing ophthalmology products enabling potentially twice per year dosing using its novel injectable depot technology. 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 a 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.
"We are excited to work with Graybug Vision to help it advance its therapies to market. We believe the technology developed by the Johns Hopkins founders and the Graybug Vision team has the ability to change the standard of care for patients suffering from sight threatening eye disease," stated Cameron Wheeler, PhD and Principal at Deerfield.
"We are pleased to have Deerfield as a supporter of our technology and company, and we believe the firm has significant skills which will add to our Board and development of Graybug Vision," stated Jeffrey L. Cleland, PhD, President and CEO of Graybug Vision, Inc.
About Graybug Vision
Graybug Vision is developing novel products for the treatment of ocular diseases. Graybug Vision's technology enables the delivery of compounds to the eye up to twice per year and was co-developed by Graybug Vision founder Justin Hanes, PhD, who is the Lewis J. Ort Professor of Ophthalmology at the Wilmer Eye Institute of the Johns Hopkins University, in collaboration with Graybug Vision cofounders, and leading ophthalmology clinician-scientists from the Wilmer Eye Institute Peter A. Campochiaro, MD, and Peter J. McDonnell, MD. Graybug Vision's lead product, GB-102, is being developed for twice a year treatment of wet AMD patients. Graybug Vision's second product consists of compounds with intraocular pressure lowering and neuroprotection that may be administered to the subconjunctiva twice per year for the treatment of glaucoma. For more information, please visit www.graybug.com.
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.
For more information, please visit www.deerfield.com
Deerfield Management Company
Karen Heidelberger, 212-692-7140
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SOURCE Deerfield Management Company