SAN DIEGO--(BUSINESS WIRE)--Today, MediPrint™ Ophthalmics, an emerging San Diego-based clinical stage eye care pharmaceutical company focused on enhancing vision for life, announces the initial closing of a Series A round that exceeded $2.5 million, including from existing investors. There will be a subsequent close of this round, in Q2 2022, when the round is fully or over-subscribed. The funds raised in this Series A round are targeted primarily to support the upcoming Phase 2b clinical study along with the end of Phase 2 meeting with the FDA for its lead glaucoma asset. The funds will also be used to advance other products to clinical trials, most notably the dry eye asset.
Further, the Company is excited to announce the presentation of a poster highlighting the clinical results from its Phase 2a study at the American Glaucoma Society (AGS) annual meeting in March 2022. The poster covers the results of the Company’s SIGHT-1 Phase 2a clinical study in 2021. That study demonstrated the safety and tolerability of the Company’s lead asset, LL-BMT1, a weekly medicated contact lens releasing bimatoprost to treat open angle glaucoma and ocular hypertension. The study also saw a positive efficacy signal leading the Company to advance to a dose escalating Phase 2b clinical trial that is planned for 2022.
With the additional secured funding, as well as the poster’s reception by a leading eye care practitioner society, MediPrint’s platform drug delivery technology has now been further validated by both the investment and the eye care professional communities. The Company looks forward to continued product development as it works to bring novel treatment options to over 40 million contact lens wearers in the United States.
“I am thrilled to close the initial Series A financing tranche and to see our clinical data discussed at AGS,” stated Dan Myers, CEO. “And, considering the recent FDA approval of a major eye care company’s medication-releasing contact lens for allergy, there is a growing acceptance by regulators, investors, and eye care practitioners that medicated contact lenses are a viable, necessary treatment option for millions of patients. We are finally seeing the promise of drug-eluting contact lenses starting to be realized, and MediPrint is proud to be on the cutting edge of research in this field.”
About MediPrint™ Ophthalmics
MediPrint™ Ophthalmics is an emerging San Diego-based clinical stage eye care pharmaceutical company focused on enhancing vision for life by developing and commercializing a proprietary contact lens based ocular drug delivery portfolio. There are over 40 million soft contact lens wearers in the United States alone and most of them will develop some eye disease or condition in their lifetime. Treating their disease or condition with eye drops is inconvenient and frustrating, leading millions to become non-compliant or to be forced to drop out of contact lens wear. The Company’s goal is to offer new treatment options that allow millions of patients to continue wearing their contact lens while the lens correcting their vision also delivers drugs to treat their underlying disease or condition. The Company is currently advancing its lead asset, a unique and complete glaucoma treatment, to the clinic while continuing to build out its product portfolio for dry eye and for allergy, and subsequently for other anterior and posterior segment conditions. Approximately 5% of glaucoma patients in the United States wear contact lenses and MediPrint’s innovative drug-eluting, comfort-enhancing, preservative-free contact lens may be an ideal treatment option for them. MediPrint Ophthalmics’ patented MediPrint process offers a unique value proposition for patients, practitioners, strategic partners, and payers.
For more information, please visit www.mediprintlens.com.
