Re-Vana secures $11.9 million in Series A financing
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Re-Vana Therapeutics closed a Series A round with $11.9 million in funding, an oversubscription of $4 million, according to a press release.
The funding will be used to advance the development of the company’s photo-cross-linked biodegradable drug delivery technologies, EyeLief, EyeLief-SD and OcuLief, and expand the company’s operations and development teams.
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Visionary Ventures led the financing, and additional investors included ExSight Ventures, InFocus Capital Partners and existing U.K. investors Qubis Ltd, Co-Fund NI and Techstart Ventures.
According to the release, nonclinical safety, tolerability and efficacy data show that the Re-Vana platform can achieve sustained delivery of an anti-VEGF biologic at therapeutically relevant levels for 6 months or more.
“Financing from new and existing investors during this challenging time is a testament to the potential of Re-Vana’s technologies for sustained delivery of biologic therapeutics,” Michael O’Rourke, president, CEO and board chair of Re-Vana, said in the release. “We are especially fortunate to have received follow-on financing from multiple, highly respected, U.S. ophthalmic-focused venture capital firms and U.K. investors. Their proven knowledge and expertise in ophthalmology are invaluable additions to Re-Vana as we accelerate the development of our pipeline and expand our strategic partnerships.”
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