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Orasis completes financing for development of drop to treat presbyopia

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Orasis Pharmaceuticals announced it has closed a $13 million Series B financing, according to a press release.

Led by Visionary Ventures, with participation from Sequoia Capital, SBI (Japan) Innovation Ventures, LifeSci Venture Partners and private investors, the funding will go toward advancing the company’s product candidate, CSF-1, through completion of a phase 2b clinical trial, the release said. CSF-1 is an eye drop under development for presbyopia symptoms.

The financing will also be used for preparation of a phase 3 trial and precommercial activities.

“The recent Series B funding is a significant milestone for Orasis, which will allow us to advance the clinical development of CSF-1, an eye drop with the potential to eliminate the need for reading glasses in people with presbyopia, a condition with substantial market opportunities and a significant unmet need,” Orasis CEO Elad Kedar said in the release.