Privately-held biopharma PanOptica said today that it raised $11 million in a Series B round to fund the clinical advancement of its anti-VEGF eye drop for the treatment of neovascular eye diseases.

The funding, led by Third Rock Ventures and SV Health Investors, will support a Phase I/II study of a new formulation of PAN-90806 as a monotherapy for up to three months of treatment in patients with age-related macular degeneration (wet-AMD), the company reported.

“The additional Series B financing reflects our investors’ confidence in the potential of our new, advanced generation formulation of topical PAN-90806 and the direction of our clinical program for this promising compound,”  president & CEO Paul Chaney said in prepared remarks.

“We remain focused on initiating a Phase I/II trial early next year, as the study will help us define the optimal dose, regimen, and regulatory path for what we hope will be the first effective topical treatment for wet AMD.”

“We are excited to continue our support of PanOptica as the development of PAN-90806 continues to progress,” Kevin Starr, partner at Third Rock Ventures, added. “With its demonstrated potency and selectivity, PAN-90806 appears to have potential as an effective topical eye drop treatment for back-of-the-eye diseases such as wet AMD and diabetic retinopathy.

This next-generation formulation holds promise for enhanced tolerability across an expanded dose range. We look forward to contributing to the continued success of PanOptica as the company pursues its mission of fulfilling the needs of patients living with serious retinal diseases.”

“Currently, the only treatment options that we have for patients with wet-AMD is through injections into the eye,” Dr. Scott Cousins, director of the Duke Center for Macular Diseases at Duke Eye Center, said. “There is a need for a less invasive, less frequent treatment options. A topical eye drop has the potential to revolutionize treatment for serious ophthalmic diseases.”