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TearSolutions completes $6.4 million financing

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TearSolutions has completed $6.4 million in financing to complete a pivotal FDA phase 2 clinical trial of its lead product candidate Lacripep, according to a press release.

Lacripep, a naturally occurring peptide found in normal tears, is being evaluated in 201 patients with dry eye associated with Sjögren’s syndrome at 27 investigational sites across the United States.

The financing round was led by VTC Innovation Fund and included the UVa Seed Fund, Medarva Foundation and PharmStandard Ventures, the release said.

“The dry eye market in the U.S. is just over $2 billion, and neither of the two FDA-approved products address the root cause,” Tom Gadek, PhD, TearSolutions’ president and CEO, said in the release. “As a natural replacement therapy, Lacripep could meet a huge unmet need.”