Invirsa – a privately held, clinical-stage pharmaceutical company focused on developing an innovative topically administered eyedrop formulation INV-102 for ocular conditions associated with DNA damage – announced the closing of a $7.7 million Series B financing completed in April earlier this year.
This funding round was led by Ohio-based venture firm, CincyTech, with participation from Rev1 Ventures, JobsOhio Growth Capital Fund, and JumpStart Ventures.
The funding round advances Invirsa’s lead product candidate INV-102 for the treatment of conditions associated with DNA damage. The funding will support a series of Phase 2 studies in conditions including acute infectious keratoconjunctivitis, dry eye disease, and Fuchs corneal dystrophy. In addition, funds will support Phase 3 preparation.
KEY QUOTE:
“The recent Series B funding is a significant milestone for Invirsa, which allows us to advance the clinical development of INV-102, a topical eye drop that has completed initial testing in dry eye patients (Phases 1 and 2a). Dry eye continues to be an important market with a significant unmet medical need. The recent investment led, by CincyTech with other Ohio life science investment funds, provides strong validation of our vision and approach.”
— Dr. Robert Shalwitz, Chief Executive Officer of Invirsa
“There are an estimated 7 to 8 million people in the US alone with dry eye who lack a suitable therapeutic for their condition. As a result, there is a significant need for new, well-tolerated treatment options. We look forward to continuing working with Invirsa’s management team to advance INV-102’s clinical development for dry eye and other ocular conditions.”
— CincyTech’s Life Sciences Partner John Rice
