Visionary Ventures Leads Financing Round to Support the Development of Sustained Release Ophthalmic Therapeutics
BELFAST, Northern Ireland, Nov. 30, 2022 /PRNewswire/ — Re-Vana Therapeutics Ltd, a privately-held specialty drug delivery company developing sustained-release therapeutics for the treatment of vision-threatening ocular diseases, today announced the closure of its Series A round with $11.9 million in funding, an oversubscription of $4 million. The financing was led by Visionary Ventures. Additional investors include ExSight Ventures, InFocus Capital Partners and existing U.K. investors, Qubis Ltd, Co-Fund NI, and TechStart Ventures.
The proceeds will advance the development of Re-Vana’s novel and proprietary photo-crosslinked EyeLief®, EyeLief-SD™ and OcuLief® biodegradable drug delivery technologies and will enable expansion of the company’s operations and development teams. With the successful completion of key nonclinical ocular safety, tolerability and efficacy studies, Re-Vana has demonstrated that its groundbreaking platform can achieve 6 months or greater sustained delivery of an anti-VEGF biologic at therapeutically-relevant levels with high drug loading, controlled burst release, and a favorable degradation profile. Re-Vana’s platform therefore has the potential to enable sustained drug delivery via non-surgical administration in office-based settings to treat ocular disease, overcoming several long-standing limitations and challenges in the field.
In conjunction with this financing, Re-Vana’s board of directors has been further strengthened by the appointments of Robert Avery, M.D., of Visionary Ventures and InFocus Capital Partners, as board member, and Michael O’Rourke, President and CEO of Re-Vana Therapeutics, as Board Chair.
“Financing from new and existing investors during this challenging time is a testament to the potential of Re-Vana’s technologies for sustained delivery of biologic therapeutics,” said Mr. O’Rourke. “We are especially fortunate to have received follow-on financing from multiple, highly respected, U.S. ophthalmic-focused venture capital firms and U.K. investors. Their proven knowledge and expertise in ophthalmology are invaluable additions to Re-Vana as we accelerate the development of our pipeline and expand our strategic partnerships.”
“Re-Vana’s proprietary technology platforms offer significant potential to deliver both novel and approved biologics for at least 6 months in the clinic, reducing the need for frequent intravitreal injections and extending therapeutic efficacy in the treatment of major eye diseases,” said Dr. Avery.
Re-Vana is a technology spin-out from Queen’s University, located in Belfast, Northern Ireland. The company is currently developing sustained release ophthalmic therapeutics aimed at reducing the frequency of intravitreal injections required to treat a wide range of retinal diseases, including neovascular age-related macular degeneration (wet AMD). In addition, Re-Vana’s proprietary photo-crosslinked sustained-release technology may enable the development of a broad range of novel, sustained release products applicable to a variety of therapeutic areas.
For more information, please see Mr. O’Rourke present at the Ophthalmology Innovation Summit XII (OIS XII), which takes place December 2-3, 2022 in San Diego, CA. Mr. O’Rourke will speak during the Retina Innovation Showcase, which runs from 11:40 am to 12:50 pm PT on December 3rd.
Re-Vana Therapeutics Ltd, founded in 2016 as a spin-out from Queen’s University Belfast, Northern Ireland, is a specialty ocular therapeutic and drug delivery company with headquarters located in Belfast and a U.S.-based office, Re-Vana Therapeutics, Inc., in Tampa, Florida. Re-Vana is focused on the development of its internal pipeline as well as external strategic collaborations to advance its novel drug delivery platform. To date, Re-Vana has raised more than $17.75M to support the development of sustained release biologics. In 2022, Re-Vana won the Ophthalmic Innovation Summit Retina Award in drug delivery and The Belfast Nth Ireland Chamber 2022 Award for Business Innovation.
Visionary Ventures is a venture capital firm that leverages a unique information advantage strategy through partnerships with 80+ KOLs, industry experts, and strategic acquirers to connect capital and insight with the most promising life sciences and ophthalmology startups. By engaging their team of experts, professionals, and industry leaders at the forefront of the process, Visionary enables informed decisions about their venture investments and provides valuable guidance to their portfolio companies to maximize their potential. Learn more about their people, portfolio, and perspectives at www.visionaryvc.com and connect with them on LinkedIn.
EyeLief®, EyeLief™ and OcuLief® are trademarks of Re-Vana Therapeutics Ltd.
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