iVeena Raises $3 Million in Series B-2 Financing for Myopia Research
iVeena Secures Funding to Enhance Myopia Treatment Development
SALT LAKE CITY—iVeena Delivery Systems Inc. has successfully completed its Series B-2 financing round, securing an impressive $3 million. This funding is set to significantly bolster the company’s efforts in advancing IVMED-85, an innovative treatment aimed at tackling pediatric myopia.
Investment Impact on Pediatric Myopia Program
The newly acquired funds will be instrumental in propelling iVeena’s pioneering program focused on pediatric myopia. With all key IND-enabling studies currently in progress, the company is on track for an anticipated IND submission in the first half of 2025. This strategic investment reflects the growing recognition of pediatric myopia as an important area for clinical advancement.
Welcoming Expertise: Dr. Jerry Hu Joins Board
The company is thrilled to announce the appointment of Dr. Jerry Hu to its Board as an independent director. Bala Ambati, M.D., Ph.D., MBA, the President and Founder of iVeena, expressed enthusiasm about this addition, stating, “Dr. Hu is a world-renowned ophthalmologist who stands at the forefront of cutting-edge ophthalmic innovations bringing significant value to our long-term strategy.” His extensive expertise is expected to guide iVeena towards achieving its ambitious goals in pediatric ophthalmology.
Understanding IVMED-85
IVMED-85 is designed as a daily eye drop solution that strengthens scleral and corneal collagen crosslinks via LOX activation. This innovative approach aims to improve refraction and reduce the rate of axial elongation, addressing one of the critical challenges in managing myopia. Looking ahead, iVeena plans to initiate a Phase 2 clinical trial for progressive myopia in 2025, marking a significant step in its research and development journey.
About iVeena Delivery Systems, Inc.
iVeena Delivery Systems, Inc. is a clinical-stage organization focused on ophthalmology, striving to develop groundbreaking pharmacologic innovations aimed at refractive diseases. The company has successfully licensed its lead asset, IVMED-80, to Glaukos Corporation. This Orphan Drug Designated eye drop targets keratoconus, showcasing iVeena's commitment to pioneering treatments in the field. In addition to this, the firm is also advancing IVMED-85, a first-in-class investigational eyedrop formulation specifically for pediatric myopia.
Frequently Asked Questions
What is the objective of the $3 million funding raised by iVeena?
The funding aims to accelerate the development of IVMED-85, a treatment for pediatric myopia, and support ongoing IND-enabling studies.
What is IVMED-85?
IVMED-85 is a daily eye drop designed to strengthen collagen crosslinks in the eye to improve refractive outcomes and slow down myopia progression.
When does iVeena plan to begin its Phase 2 clinical study for IVMED-85?
iVeena plans to initiate its Phase 2 clinical study for IVMED-85 in progressive myopia in 2025.
Who has been appointed to the iVeena Board?
Dr. Jerry Hu has been appointed as an independent director, bringing valuable expertise in ophthalmology to the company.
What other products is iVeena working on?
In addition to IVMED-85, iVeena has licensed IVMED-80, an Orphan Drug Designated eye drop for keratoconus, to Glaukos Corporation, illustrating its broader commitment to innovative eye care treatments.
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