Kala Pharmaceuticals Raises $23 Million For Eye Disease Trials
Kala Pharmaceuticals has raised $23 million in order to pay for new clinical trials for its eye drugs. The company expects to start four mid to late stage clinical trials in the next 8 months, according to Guillaume Pfefer, the company’s CEO.
The market for eye diseases is growing because of a variety of factors.including aging, and the amounts of time people spend in front of computer screens. Diseases such as dry eye disease and wet age-related macular degeneration are now affecting an increasing number of people. Industry analysts believe that the company’s Phase 3 trial for Lotemax, an eye drop treatment for patients with post-operative inflammation following cataract surgery, is the company’s biggest near-term opportunity.
However, there are several other prospects on the horizon for Kala. According to Boston Business Journal, there are long term opportunities that could bring several more important developments to the forefront. The company expects to start Phase 2 trials before the end of the year in dry eye disease, blepharitis, and diabetic macular edema. The company is also working to find a new drug candidate for wet age-related macular degeneration (AMD). The AMD market is growing “very fast” and could become quite lucrative in the future, considering it is already a $5 billion market. Current treatments for AMD are injected drugs, and there is increasing demand for biotech firms to develop new treatments for eye diseases, including AMD.
Kala’s press release stated the company received funding from a variety of investors, including Tsios Capital, Crown Venture Fund, Lux Capital, Polaris Partners, and Third Rock Ventures.
Karen Wagner, General Partner at Ysios Capital, will also join Kala’s Board of Directors as a result of the financing. “Leveraging its MPP nanotechnology, Kala has developed topical eye drops that allow therapeutic agents to pass through the mucus layer of the eye’s surface, by facilitating penetration into deeper tissues of the eye, including the retina. This approach has yielded game changing clinical stage product candidates that may provide more convenient dosing for patients and improve efficacy in a range of ophthalmic indications, including dry eye disease and wet age related macular degeneration,” said Dr. Wagner. “There is significant demand for breakthrough treatments for ocular diseases and Kala is uniquely poised to address these needs. We look forward to supporting the company’s continued progress.”
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