Leo Lens Pharma Achieves FDA IND Submission and Seed Round Fundraising
Leo Lens Pharma announced the achievement of two milestones: the filing of the FDA’s investigational new drug (IND) application for its lead asset, a proprietary drug-eluting, comfort-enhancing contact lens to treat patients suffering from primary open-angle glaucoma or ocular hypertension; and the securement of a lead investor, the venture arm of a leading global ophthalmic pharmaceutical company, and initial funding in its Seed round fundraising efforts.
The FDA’s IND program charts the path by which a pharmaceutical company such as Leo Lens Pharma obtains permission to start human clinical trials before a marketing application for the drug has been approved. The company’s IND submission is a key step toward being able to start its first human clinical trial with its lead asset, LL-BMT1, to treat primary open-angle glaucoma and ocular hypertension. Current plans are for the first patients in this phase 2a clinical trial to be enrolled in the coming months.
The strategic lead investor in the Seed round fueled an initial close of the round that exceeded $3 million with $1.5 million coming from new investors. There will be a subsequent close of this round, likely before year-end, when the round is fully or over-subscribed. The funds raised in this round are targeted primarily to support the phase 2a clinical study along with the end of phase 2 meeting with the FDA.
“We are enthused to have executed against two pivotal goals that poise Leo Lens Pharma to continue to move forward successfully,” Dan Myers, CEO of Leo Lens Pharma, said in a company news release. “The IND submission step, which gets us closer to beginning our first in-human clinical study, is monumental. We are also excited that our Seed round strategic lead investor has placed their belief in us after significant due diligence to continue to advance our efforts to help glaucoma and ocular hypertension patients protect their sight. We are encouraged too by the excitement from other investors interested in the remaining portion of the round.”