EyeGate Pharma raised $22.6 million in a Series D venture financing round with new and existing investors. Of the new capital, $11 million is available immediately to EyeGate, with the remainder being held in reserve.
The funds will be used to progress clinical development of EyeGate’s lead product, EGP-437, as a treatment for the signs and symptoms of dry eye syndrome. A pivotal trial evaluating this dexamethasone-derived corticosteroid solution is scheduled to start during the first half of 2010.
In October 2009, EyeGate reported positive results from a Phase II trial with EGP-437 for the treatment of anterior uveitis. Data from a Phase II trial with EGP-437 in dry eye syndrome was reported in June 2009. At the start of last year FDA granted EGP-437 delivered using the EyeGate II system orphan drug designation for the treatment of corneal graft rejection.
EyeGate is focused on exploiting its iontophoretic EyeGate® II delivery system to facilitate the delivery of specially formulated therapeutics across the sclera to the anterior and posterior chambers of the eye. The firm claims to be the first to have completed Phase II studies using an iontophoresis technology to deliver an active compound into the eye under an IND protocol.