Sydnexis Secures $45 Million Series B Financing to Advance Myopia Drug Candidate
Sydnexis announced the completion of a $45 million Series B financing to fund Sydnexis’ lead candidate, SYD-101, through completion of the fully enrolled pivotal Phase 3 STAAR study for the treatment of progressive myopia in children.
The financing was led by Visionary Ventures, Blue Stem Capital, and SC Master Fund, with participation from existing investors RA Capital Management, Longitude Capital, and Medicxi.
Sydnexis’ STAAR study is the largest pediatric myopia study globally to investigate the use of low dose atropine to slow progressive myopia. In this study, Sydnexis is evaluating two different concentrations of its proprietary atropine formulation SYD-101 (0.01% and 0.03%) versus a placebo control group. SYD-101 is designed to be a best-in-class product with maximum efficacy, comfort, and 3-year stability at room temperature—all important product attributes when developing drugs for use in children.
“We are committed to developing a highly differentiated myopia therapy for pediatric progressive myopia where there is an acute need for a safe and efficacious treatment. We are excited by the investment from top-tier venture groups as it validates the company’s technology and strategy to pursue SYD-101, which has the potential to be the best-in-class therapy for myopia,” Kenneth J. Widder, MD, CEO for Sydnexis, said in a company news release.
In conjunction with the financing, Jeffry Weinhuff, managing partner of Visionary Ventures; Richard L. Lindstrom, MD; Tyler Stowater, partner of Bluestem Capital; and Gregory Grunberg, MD, managing director of Longitude Capital, will join the company’s board alongside existing directors Zach Scheiner, PhD, principal of RA Capital Management, and Kenneth J. Widder, MD.
“I am very excited about joining the Sydnexis board to help bring SYD-101 to approval”, said Richard L. Lindstrom, MD. “Progressive myopia treatment is a significant unmet medical need and, if untreated, can lead to severe loss of vision. Sydnexis will complete the largest clinical trial to date using low dose atropine and has designed SYD-101 to have favorable attributes that maximize patient outcomes, including enhanced comfort on installation and improved stability and shelf life.”
“This is an exciting opportunity driven by a drug with a proven mechanism of action, a large unserved patient population, and a results-oriented team. We are thrilled to partner with the Sydnexis team as they work to bring SYD-101 to children in need,” said Jeffry Weinhuff.