Consort Medical said today it inked a development and manufacturing deal with Precision Ocular, and joined in a round of financing to support Precision Ocular, who raised $19 million (UK £13.5 million) total.
The collaborative deal will leverage Consort subsidiaries Bespak and Aesica, with Bespak providing device development and manufacturing capabilities and Aesica offering manufacturing and filling, according to a press release.
“This is an exciting new partnership which will draw on the skills and expertise of both Consort companies, Bespak and Aesica, and is an important demonstration of the value of our recently announced single solution for device and drug combinations. Further it extends our competencies into the ocular therapeutic area in line with our stated strategy. Consort Medical is at the leading edge of innovation and our participation in Precision Ocular’s equity financing once again highlights our commitment to investing in companies that are at the forefront of the development of new treatments, new markets and new opportunities,” Consort Medical CEO Jon Glenn said in prepared remarks.
Consort Medical said the deal will focus on the development, scaling up and industrialization of Precision Ocular’s novel drugs and drug delivery system, designed to access small spaces in the eye to provide drug distribution to tissues involved in retinal diseases.
“We are pleased to have Bespak as our development and manufacturing partner: this collaboration marks an important step in the commercial development of Precision Ocular. A significant attraction for us is Consort Medical’s ability to offer Precision Ocular a one stop shop for development and eventual commercial manufacture of the final filled, finished and packaged product,” Precision Ocular CEO Tom Cavanagh said in a prepared statement.
In its $19 million round of financing, Precision Ocular received $4.7 million (UK £3.3 million) from Consort Medical, with a 1st tranche of $2.8 million (UK £2 million). Consort Medical said it will also have a position on Precision Ocular’s board.
Also joining the round were Imperial Innovations, Hovione and NeoMed, according to a press release from Consort Medical.