Orasis Pharmaceuticals completes $78 million financing to support commercial launch of Qlosi

(Image credit: Adobe Stock/chrupka)

Orasis Pharmaceuticals announced the completion of a $78 million financing to support the commercial launch of pilocarpine hydrochloride ophthalmic solution 0.4% (Qlosi), a novel corrective eye drop for the treatment of presbyopia in adults.

The solution is a prescription eye drop that can be used daily, or as needed, up to twice per day. The solution demonstrated efficacy 20 minutes after administration and can last up to 8 hours, as measured on day 15, to improve near vision without impacting distance or night vision. Pilocarpine hydrochloride ophthalmic solution is a preservative-free formulation of pilocarpine, an established eye care therapeutic, designed to achieve an optimal balance between efficacy, safety, and comfort.

According to the company, the Series D financing included a $68 million equity component, co-led by Arboretum Ventures and Johnson & Johnson Innovation – JJDC, Inc., along with participation from Catalio Capital Management, Freepoint Capital Group, and returning investors—Visionary Ventures, Bluestem Capital, SBI (Japan) Innovation Fund, Sequoia Capital, and Maverick Ventures, as well as other individuals.¹

In connection with this equity increase, Orasis has secured $15 million in structured capital from Catalio Capital Management, of which $10 million will be drawn at closing.¹

Elad Kedar CEO of Orasis, pointed out the company was pleased to be working with investors who share the company’s dedication to reshaping vision possibilities for presbyopes seeking a break from reading glasses.

“This significant funding will allow us to successfully launch Qlosi, providing the eye care community a near-vision solution with a balance of efficacy and tolerability, using the lowest effective concentration of pilocarpine approved,” he said.

“We are pleased to co-lead this financing and to join an experienced syndicate of investors whose collective support is further validation of the market potential for Qlosi,” Paul McCreadie, managing partner at Arboretum Ventures, said in the news release. “We have high confidence in the Orasis team to successfully launch Qlosi and generate a positive impact on patients’ near vision."

Pilocarpine hydrochloride ophthalmic solution 0.4% is a novel corrective eye drop indicated for the treatment of presbyopia in adults. Its formulation includes the lowest effective concentration of pilocarpine approved,1,2 together with a multi-faceted vehicle, and does not contain an anti-microbial preservative.

The solution was designed to achieve a balance between efficacy, safety, and comfort. It improves near visual acuity by pupil modulation, resulting in a “pinhole effect” and an increase in the depth of field, thus increasing the ability to focus on near objects without negatively impacting distance.¹

Reference:

1. Holland E, Karpecki P, Fingeret M, et al. Efficacy and Safety of CSF-1 (0.4% Pilocarpine Hydrochloride) in Presbyopia: Pooled Results of the NEAR Phase 3 Randomized, Clinical Trials. Clinical Therapeutics. 2024;46(2):104-113.