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GrayBug announces funding round, appointment of president, CEO

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GrayBug announced the close of a Series A funding round of $1.5 million, according to a press release.

The funding will be used for the development of drug delivery therapies, working toward human clinical trials in wet age-related macular degeneration and glaucoma. Maryland Venture Fund led the financing round, along with the Abell Foundation and Brown Advisory.

GrayBug also announced that Michael O’Rourke has been named president, CEO and a board member.

O’Rourke has more than 18 years of global ophthalmic leadership, strategy and commercialization experience, the release said. He is the founder of Scotia Vision Consultants, was the general manager of Bausch + Lomb U.S. pharmaceuticals division and held senior global strategy positions in the pharmaceuticals, drug delivery and surgical divisions of Bausch + Lomb.