SpyGlass Pharma completes $90 Million Series C financing to advance novel treatments for glaucoma and other chronic ophthalmic diseases

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SpyGlass Pharma announced closing $90 million in Series C financing to help support clinical trials of its drug delivery system in the United States.

According to a news release, the financing, which was led by RA Capital Management alongside existing investors New Enterprise Associates (NEA) and Vensana Capital, as well as new investors Samsara BioCapital and Vertex Ventures HC, will enable the company to conduct multiple US clinical trials of SpyGlass’ drug delivery platform.

The company noted in the release the SpyGlass system could deliver multiple years of medical therapy to address unmet needs in glaucoma management as well as other chronic ophthalmic diseases when implanted at the time of routine cataract surgery.

“The strong support from our investors validates the potential of the SpyGlass drug delivery platform to meet significant unmet needs for ophthalmic patients and their eye doctors. This round of financing puts the SpyGlass program on a clear path towards Phase 1/2 and Phase 3 clinical trials to support US registration,” Patrick Mooney, CEO of SpyGlass Pharma, said in a news release.

“We believe our approach represents a paradigm shift in the treatment of eye diseases, such as glaucoma, with significant advantages compared to currently commercialized therapies,” Malik Y Kahook, MD, co-founder and president of SpyGlass Pharma, said in the news release. “The efficacy and safety demonstrated from the first-in-human feasibility trial showing 45% mean IOP-lowering in glaucoma patients, with 100% of subjects off all topical medication 9 months after implantation, is remarkable.”

Zach Scheiner, PhD, a principal at RA Capital Management, said in the release his company was pleased to be leading the financing round to advance SpyGlass’ platform technology through the next phases of clinical development.

“There remains a huge unmet need for novel technologies that safely address the challenge of patient adherence in treating glaucoma and other chronic eye diseases,” Scheiner said in the news release. “SpyGlass has developed an elegant solution and generated impressive nonclinical and first-in-human data that show great promise for improving patient care and treatment outcomes.”

SpyGlass Pharma was co-founded by Kahook and Glenn Sussman, and according to its news release is focused on the development of the world’s first, IOL-mounted, controlled-release drug delivery platform capable of delivering multiple years of therapy. The company noted in its release the technology was originally developed in the Sue Anschutz-Rodgers Eye Center of the University of Colorado School of Medicine and spun off campus post Series A funding from New Enterprise Associates.