Qlaris Bio, a clinical-stage biotechnology company targeting unmet needs in debilitating ophthalmic diseases, announced that it has closed $24 million in Series B. The funding round was co-led by Canaan and New Leaf Venture Partners. The financing also included new participation from funds managed by abrdn, and existing investors Mayo Clinic Ventures and Correlation Ventures.
The proceeds from the funding will support the continued clinical development of QLS‑111, a first-in-class therapeutic being developed to lower intraocular pressure (IOP) by targeting episcleral venous pressure (EVP). And Qlaris is now conducting two U.S. Phase II clinical trials of QLS‑111 (Osprey and Apteryx). And the Osprey and Apteryx studies are investigating the safety, tolerability, dosing, and efficacy of QLS‑111 in patients with open angle glaucoma (OAG) and ocular hypertension (OHT). And additional clinical advancements, including the initiation of the Nightingale Phase II clinical trial in normal tension glaucoma (NTG), are anticipated by the end of the year.
The development of QLS‑111 originated in the lab of Dr. Michael Fautsch, Ph.D., a Mayo Clinic professor of ophthalmology, biochemistry, and molecular biology. And the drug candidate aims to lower IOP by relaxing vessels of vascular and vascular-like tissues distal to the trabecular meshwork, thereby reducing distal outflow resistance and lowering EVP. As no approved medications selectively target the reduction of EVP, there is a significant gap in the potential to maximally lower IOP, as EVP can be the largest determinant of overall IOP. And preliminary data suggest that QLS‑111 is well-tolerated with no significant hyperemia or safety concerns.
KEY QUOTES:
“We are grateful to have the support of this outstanding syndicate of leading life science investors, which will enable the continued development of our lead product, QLS‑111. Qlaris is dedicated to developing new mechanisms of action that target unaddressed parameters within IOP regulation, an area of critical need. QLS‑111 aims to achieve this goal by fundamentally targeting EVP to enable improved IOP control for patients with glaucoma, including those with NTG, a condition for which there are no currently approved therapeutics. This funding will provide Qlaris the means to execute on our clinical strategy to develop a novel solution to a critical unmet need.”
- Thurein Htoo, MS, MBA, Chief Executive Officer of Qlaris
“Since the company’s inception, we have believed in Qlaris’ novel technology, talented leadership, and skilled team. We invest in companies that partner an innovative approach with strong leadership and accomplished scientists to successfully reach critical milestones. Qlaris has the potential to demonstrate the importance of targeting EVP in the ongoing QLS‑111 Phase II trials and we look forward to the data from this innovative drug candidate.”
- Wende Hutton, General Partner at Canaan
