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Oraya Therapeutics Raises $42 Million in Series C Financing


7/20/2009 7:59:46 AM

NEWARK, Calif.--(BUSINESS WIRE)--Oraya Therapeutics, Inc., a medical technology company developing radiosurgical treatments for eye diseases, today announced that it has raised $42 million in Series C financing. Oraya will use the financing to expand its clinical trials with two independent international studies to support worldwide regulatory approval and commercial efforts for its treatment of wet age-related macular degeneration (AMD). Scale Venture Partners and Domain Associates led the round; current investors Essex Woodlands Health Ventures and Synergy Life Partners also participated. Mark Brooks, a Managing Director with ScaleVP, and Brian Halak, a Partner with Domain Associates, have joined the board.

“We are very pleased to welcome Mark and Brian to the board at a critical stage for the company,” said Michael Gertner, M.D., founder and CEO of Oraya. “We believe our approach to treating AMD will result in a paradigm shift, and are seeing encouraging data from our current trials. We are eager to continue trials of the IRay™ system both in the U.S. and internationally.”

The IRay system is designed to deliver a highly localized dose of low-energy X-Ray radiation to the macula quickly with a highly automated system. This first-in-class system is customized for the disease and physician segment and as a result, can be placed in almost any medical setting.

“Age-related macular degeneration is a leading cause of vision loss in Americans 60 years and older, and current solutions are difficult to endure for patients who need treatment,” said Brooks. “Oraya has developed a promising and easy-to-administer solution, and the data from the IRay system trials are very encouraging. I’m looking forward to working closely with Michael and the team to help move the product through trials in a timely way and into the market.”

“Oraya’s novel treatment for AMD has the potential to provide significant benefits to patients, physicians, and payors,” said Halak. “I look forward to working with the Company to help it realize this potential.”

About Scale Venture Partners

Based in Foster City, California, the ScaleVP team is a long-standing partnership with a consistent, top quartile track record of returns. Scale Venture Partners’ insight-driven investment strategy, extensive operating networks and go-to-market expertise help identify and build leading portfolio companies in technology and healthcare markets. The ScaleVP team’s proven skill-set and active approach provides entrepreneurs a competitive advantage for growth and category leadership. Representative portfolio companies include Alimera Sciences, Discera, Frontbridge, Glu Mobile, mBlox, Monolithic Power Systems, National Healing, NComputing, Omniture, Orexigen, ScanSafe, Somaxon, Vantage Media, Waterfront Media, Xceive and Zogenix. For more information, visit www.scalevp.com.

About Domain Associates

Domain Associates, LLC is a venture capital firm focused on health care product opportunities including biopharmaceuticals, medical devices and related businesses. Over its 20 year history, Domain has been involved in the creation of over 170 companies. Its latest venture capital fund is Domain Partners VI, L.P., which is capitalized at $500 million. Domain is located in Princeton, NJ and in Laguna Niguel, CA. For more information, please visit domainvc.com.

About Oraya Therapeutics

Oraya Therapeutics was founded in 2007 by Michael Gertner, M.D., an adjunct partner at Essex Woodlands Health Ventures, and with this financing, has raised $64 million since inception. The company is located in Newark, CA and has 22 employees. For further information, contact Kate Jennings, kate@maricich.com.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6010375&lang=en.

MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6010375

Contact:

For Oraya Therapeutics:Maricich Brand CommunicationsKate Jennings949-223-6455kate@maricich.comorFor Scale Venture Partners:TENOR CommunicationsCarol Sacks650-520-8261carol@tenorcom.com



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