Visus Therapeutics Announces $36 Million Series A Financing to Advance Development of Novel Presbyopia-Correcting Eye Drop
- Johnson & Johnson Innovation - JJDC, Inc., RTW Investments, LP and Wille AG participated in the financing round
- Funding will help advance lead product candidate BRIMOCHOL into pivotal registration studies
SEATTLE--(BUSINESS WIRE)-- Visus Therapeutics Inc. (the “Company”), a clinical-stage pharmaceutical company in pursuit of developing the world’s first presbyopia-correcting eye drop with the potential to last a minimum of eight hours, today announced the close of a $36 million Series A Preferred Stock financing. Johnson & Johnson Innovation - JJDC, Inc. (JJDC), RTW Investments, LP, and Wille AG participated in the round, with additional participation from the Company’s existing shareholders. Proceeds from the Series A financing will be used to advance the clinical development program for the company’s lead asset, BRIMOCHOL™, an investigational drug designed to be a once-daily eye drop to correct for the loss of near vision associated with presbyopia.
“We are committed to delivering on the promise of introducing a transformative solution to the current treatment landscape for presbyopia,” said Ben Bergo, co-founder and chief executive officer of Visus. “Through our Series A financing and with the support of our seasoned health care investors, Visus is well positioned to rapidly progress our clinical development program for BRIMOCHOL.”
“Visus’ experienced leadership team has a successful track record of eye care drug development. This gives us great confidence that the Visus team can develop therapies that will make a life-changing difference for people living with presbyopia,” said Tony Nguyen, managing director at RTW Investments, LP, who has been appointed to Visus’ board of directors. “Visus’ highly differentiated therapeutic approach to presbyopia treatment has the potential to be a significant step forward in this emerging category. We look forward to supporting the Visus team as they advance the clinical development program for BRIMOCHOL.”
Presbyopia is the loss of near vision associated with aging, making it difficult to perform tasks like reading fine print. It typically begins when adults are in their 40s, and becomes almost universal by age 50.1 Presbyopia impacts billions of people globally with approximately 123 million adults affected in the U.S. alone.2 Reading glasses are the most common solution for near-vision correction. However, many people often find glasses inconvenient and/or prefer not to wear them for aesthetic reasons. Currently, there are no FDA-approved medications for presbyopia.
About Visus Therapeutics
Visus Therapeutics is a clinical-stage company in pursuit of developing the world’s first presbyopia-correcting eye drop with the potential to last a minimum of eight hours. With offices in Seattle and Orange County, Calif., its lead clinical candidate is BRIMOCHOL, an eye drop designed to correct the loss of near vision associated with presbyopia. In parallel, Visus Therapeutics is focused on advancing its pipeline of early-stage ophthalmic product candidates. For more information, visit: www.visustx.com and follow us on Twitter (@VisusTx) and on LinkedIn.
1 US Census data, www.census.gov, accessed 7 September, 2019.
2 Market Scope, Global Presbyopia-Correcting Surgery Market Report, April 2012.
Source: Visus Therapeutics Inc.