Nacuity Pharmaceuticals announces $16.5 million Series B financing

Nacuity Pharmaceuticals Inc. this week announced the closing of a $16.5 million Series B financing led by Foundation Fighting Blindness and its venture arm RD Fund.

According to the company, additional existing investors also participated in the round. Maxim Merchant Capital, a division of Maxim Group LLC, served as sole placement agent for the financing.

The company noted that the release that proceeds from the financing will be used to support the advancement of Nacuity’s clinical trials for NPI-001 and NPI-002 through proof of concept, as well as for general operations. NPI-001 tablets are currently being evaluated in a Phase 1/2 clinical trial, known as the SLO-RP Study (NCT04355689 ) in patients with retinitis pigmentosa associated with Usher syndrome.

Moreover, the company noted in its news release that it plant to have interim results from this study in the second quarter of 2023.

NPI-002, a proprietary sustained release antioxidant molecule designed to slow cataract progression delivered via intravitreal implant, is being evaluated in a Phase 1/2 clinical trial that is currently enrolling patients undergoing vitrectomy in Australia (NCT05026632 ).

Nacuity expects to have results from this study in the second quarter of 2023.

“We are grateful for the support of Foundation Fighting Blindness, RD Fund, Maxim Merchant Capital and our private investors as we progress our lead programs and seek to establish proof of concept,” Halden Conner, chairman, CEO, and co-founder of Nacuity Pharmaceuticals, said in a statement.

Connor added that the funding will help further the company’s mission to develop a treatment for retinitis pigmentosa and other serious blinding and chronic diseases caused by oxidative stress.

Nacuity’s lead technology is based on studies from the laboratory of Peter A. Campochiaro at the Wilmer Eye Institute that involves oxidative stress in the retina.

According to the news release, oxidative stress has been implicated in a variety of ocular conditions and diseases, including retinitis pigmentosa, cataract, age-related macular degeneration, diabetic retinopathy, glaucoma, presbyopia, retinal detachment, and vitreous degeneration.

Benjamin R. Yerxa, PhD, CEO of Foundation Fighting Blindness, said the organization was pleased to be supporting Campochiaro’s research and Nacuity’s clinical trials as the company works to develop treatments for ocular diseases.

“Foundation Fighting Blindness is looking forward to results of the NPI-001 trial as a next step toward addressing an unmet need, as retinitis pigmentosa affects approximately 1.5 million people worldwide and the majority of patients are legally blind by age 40,” Yerxa said in the news release.