OcuTerra Raises $35 Million Series B Financing
OcuTerra Therapeutics announced the close of a $35 million Series B financing. Proceeds will support the DR-EAM (Diabetic Retinopathy - Early Active Management) phase 2 study of OTT166 in patients with moderate to severe nonproliferative and mild proliferative diabetic retinopathy. The study is expected to commence early next year.
Phase 1b clinical trials of OTT166 eye drops in patients with diabetic retinopathy and wet AMD have demonstrated safety, tolerability, and clear clinical evidence of biological activity. OTT166 is a novel small molecule selective integrin inhibitor that OcuTerra has purpose engineered to have the required physiochemical characteristics to be able to reach the retina from eye drop application. Designed to be administered by the patient at home, OTT166 has the potential to dramatically change the treatment paradigm by enabling earlier, noninvasive treatment to preserve vision and prevent progression, thereby delaying or completely eliminating the need for intravitreal injections.
“OcuTerra is well-positioned to transform the treatment landscape for diabetic retinopathy, the leading cause of vision loss and blindness in working age adults in America,” Kerrie Brady, Chief Executive Officer of OcuTerra, said in a company news release. “The current standard of care for these patients is ‘watch and wait’ until vision deteriorates due to diabetic macular edema or the disease progresses to the proliferative form, at which point medically intensive and invasive eye injections and/or laser treatments are instituted. Our mission is to transform the standard of care with OTT166 to offer a noninvasive, easy to administer, effective treatment that can be prescribed earlier in the disease course by a broader range of eye care providers to avoid sight threatening complications, stop disease progression and potentially avoid invasive treatments. We look forward to evaluating OTT166 in phase 2 trials beginning early next year.”
“OTT166 offers potential significant benefit for patients, caregivers and eye care practitioners by providing a non-invasive treatment option for people suffering from diabetic retinopathy,” said Carl Regillo, MD, FACS, Chief of the Retina Service at Wills Eye Hospital and Professor of Ophthalmology at Thomas Jefferson University. “In addition to fulfilling the unmet need of offering a noninvasive treatment option, which would be acceptable to more patients, OTT166 can potentially be administered earlier than eye injections, which may prevent severe disease progression and functional vision loss. I am compelled by the early data and believe that OTT166 has the potential to transform the standard of care for patients with this disease.”
OcuTerra Expands Scientific Advisory Board
OcuTerra also announced the appointment of Paul M. Karpecki, OD, FAAO to its Scientific Advisory Board.
“We are delighted to have Dr. Karpecki join our Scientific Advisory Board as we move forward with the development of OTT166,” said David Tanzer, MD, ophthalmologist and Chief Medical Officer of OcuTerra. “Paul is a leader and pioneer in the eye care field, and his commitment to innovation aligns with our mission to change the standard of care for the treatment of diabetic eye disease.”
“I am thrilled to join the Scientific Advisory Board of OcuTerra and represent the voice of Doctors of Optometry who manage over 70% of all patients with diabetic retinopathy in the U.S.,” said Dr. Karpecki. “Working closely with my fellow advisors from the retina and anterior segment ophthalmology communities, I am very excited about the development of OTT166, a topical drug candidate to prevent diabetic retinopathy disease progression and loss of visual function.”