Sands Capital led the financing round, with Gilde Healthcare also joining. Existing investors New Enterprise Associates (NEA), RA Capital, Vensana Capital, Samsara BioCapital and Vertex Ventures HC participated.
The company said funds support its drug delivery platform capable of providing multiple years of therapy. It addresses the need for long-term management of glaucoma and other chronic ophthalmic diseases.
SpyGlass’ intraocular lens (IOL)-based platform utilizes standard surgical techniques. It enables cataract surgeons to deliver therapy without the need to learn new skills to adopt. The implant delivers three years of bimatoprost to targeted tissues. SpyGlass released 18-month follow-up data highlighting the potential of the system last fall.
The company plans to use funds to advance the platform through the readout of two registrational Phase III trials set to begin this year.
“We appreciate the strong support from our new and existing investors, underscoring their confidence in our innovative drug delivery platform,” said Patrick Mooney, CEO of SpyGlass Pharma. “We are excited to advance our platform through pivotal Phase III trials as we accelerate our commitment to addressing significant unmet needs for ophthalmic patients.”
