Orasis Secures $78 Million to Support Commercial Launch of Presbyopia Eye Drop Qlosi

Orasis Pharmaceuticals announced the completion of a $78 million Series D financing round to support the commercial launch of its presbyopia eye drop, Qlosi (pilocarpine hydrochloride ophthalmic solution) 0.4%.

The funding round includes a $68 million equity investment co-led by Arboretum Ventures and Johnson & Johnson Innovation (JJDC Inc.). Additional support came from investors such as Catalio Capital Management, Freepoint Capital Group, and returning backers Visionary Ventures, Bluestem Capital, SBI (Japan) Innovation Fund, Sequoia Capital, and Maverick Ventures, alongside individual contributors. Orasis also secured $15 million in structured capital from Catalio Capital Management, with $10 million available at closing. 

"We are proud to collaborate with leading, high-quality investors who share our dedication to reshaping vision possibilities for presbyopes seeking a break from reading glasses,” Elad Kedar, CEO of Orasis Pharmaceuticals, said in a company news release. “This significant funding will allow us to successfully launch Qlosi, providing the eye care community with a near-vision solution that balances efficacy and tolerability using the lowest effective concentration of pilocarpine approved."

Orasis received FDA approval for Qlosi in October 2023.

Qlosi is a prescription eye drop that can be used daily, or as needed, up to twice per day. Qlosi 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. The eye drop is a preservative-free formulation of pilocarpine designed to improve 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.