Ophthalmalogical developer Oculis said today it closed a Series A round of financing to support its solubilizing nanoparticle drug delivery platform, currently being designed to deliver drugs to treat diabetic macular edema.
The company did not disclose the amount raised in the round.
The SNP platform is designed to “solve the limitations of available eye-drop technologies,” the company said, by increasing solubility of liphophilic drugs to provide sustained release over several hours, the Icelandic company said.
“We are delighted to receive this support from Brunnur Ventures, Silfurberg and their co-investors to progress our development of DexNP. The investment will also allow us to further advance the SNP drug delivery platform and move forward other pipeline drug candidates in key ophthalmic indications. In addition to providing financial resources, these experienced investors bring Oculis a wealth of operational and industry expertise. The investment is yet another recognition for the outstanding research work of Dr. Loftsson and Dr. Stefansson,” CEO Páll Jóhannesson said in a press release.
The company said that its SNP platform has been tested with “various different drugs”, including treatments for diseases in both the posterior and anterior segment of the eye.
“Our investment to support the development of Oculis is based on Oculis’ strong scientific research, combined with a great market potential for the company’s drug candidates. The option of drug treatment of DME with self-administered eye-drops, rather than having the only option of surgically injecting drugs into the eye, would by a major advantage in the global battle with this common and severe diabetes complication. We look forward to working with Oculis to translate its research into important new medicines,” Brunnur Ventures’ Arni Blöndal said in prepared remarks.