BEDFORD, Mass., Feb. 2, 2011 /PRNewswire/ -- Ocular Therapeutix, Inc. announced today that it has closed a $14 million Series D round of financing. The round was led by Ascension Health Ventures of St. Louis, Missouri, with continued participation by existing investors including Polaris Ventures, SV Life Sciences and Versant Ventures.
The funding will be used to support Ocular Therapeutix's Phase II clinical trials across a variety of therapeutic areas. The first trial will be conducted to reinforce safety and test efficacy of their first sustained drug delivery system, a moxifloxacin-loaded punctum plug. Following, Ocular Therapeutix plans to initiate additional Phase II clinical trials for punctum plugs designed for the management of glaucoma, dry eye, and allergies, which combined represent markets over $3 billion.
"Ocular Therapeutix is developing an exciting platform of products that promises to meet prevalent medical and surgical needs within a variety ophthalmic disorders," commented Tara Butler, MD, Investment Director at Ascension Health Ventures. "We are excited to be part of such promising technology."
This financing round comes on the heels of Ocular Therapeutix's sustained drug delivery proof of principle study, in which their moxifloxacin-loaded punctum plug achieved 100% retention in all patients as proven via tear fluid testing. Additionally, the plug demonstrated sustained and favorable levels of moxifloxacin throughout the 10-day treatment period.
"The support we are receiving from current and new investors highlights the success of our proof of principle study and our drug delivery platform technology as a whole," commented Amar Sawhney, President and CEO of Ocular Therapeutix. "We look forward to the continued development and success of this program."
About Ocular Therapeutix, Inc.:
Founded in November 2006, Ocular Therapeutix, Inc. is a privately held company based in Bedford, MA focused on the development and commercialization of ophthalmic therapeutic products using its proprietary hydrogel technology. Ocular Therapeutix's first product, the ReSure™ Adherent Ocular Bandage, is CE Mark Approved and commercially available outside the United States. Ocular Therapeutix has also developed sustained ocular drug delivery depots using its hydrogel punctum plug technology, of which it plans to enter Phase II clinical trials in 2011.
About Ascension Health Ventures:
Ascension Health Ventures was launched in 2001 as a wholly-owned subsidiary of Ascension Health. AHV's role has been to construct and manage a strategic portfolio of investments that deliver a venture investment return, have the potential to transform the healthcare industry and significantly enhance the quality of patient care. CHV II, LP, a limited partnership between Ascension Health, Catholic Health Initiatives, Catholic Health East and Catholic Healthcare West, has been formed to expand this strategic investment initiative to other Catholic healthcare systems. AHV is the general partner of CHV II, LP.
SOURCE Ocular Therapeutix, Inc.