Nacuity Pharmaceuticals Announces $16.5 Million Series B Financing Led by Foundation Fighting Blindness & RD Fund
2022-06-15
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Nacuity Pharmaceuticals Announces $16.5 Million Series B Financing Led by Foundation Fighting Blindness & RD Fund
Funds to support advancement of two clinical trials through proof of concept: NPI-001 for retinitis pigmentosa in Usher syndrome and NPI-002 to slow cataract progression
FORT WORTH, Texas, June 15, 2022 (GLOBE NEWSWIRE) -- Nacuity Pharmaceuticals, Inc., a clinical stage biopharmaceutical company developing treatments for retinitis pigmentosa, cataracts and other ocular diseases caused by oxidative stress, today announced the closing of a $16.5 million Series B financing led by Foundation Fighting Blindness and its venture arm RD Fund. Additional existing investors also participated in the round. Maxim Merchant Capital, a division of Maxim Group LLC, served as sole placement agent for the financing.
Proceeds from the financing will be used to support the advancement of Nacuity’s clinical trials for NPI-001 and NPI-002 through proof of concept, as well as for general operations. NPI-001 tablets are currently being evaluated in a Phase 1/2 clinical trial, known as the SLO-RP Study (ClinicalTrials.gov Identifier: NCT04355689), in patients with retinitis pigmentosa associated with Usher syndrome. Nacuity expects to have interim results from this study in the second quarter of 2023. NPI-002, a proprietary sustained release antioxidant molecule designed to slow cataract progression delivered via intravitreal implant, is being evaluated in a Phase 1/2 clinical trial that is currently enrolling patients undergoing vitrectomy in Australia (ClinicalTrials.gov Identifier: NCT05026632). Nacuity expects to have results from this study in the second quarter of 2023.
“We are grateful for the support of Foundation Fighting Blindness, RD Fund, Maxim Merchant Capital and our private investors as we progress our lead programs and seek to establish proof of concept,” said Halden Conner, Chairman, CEO, and Co-Founder of Nacuity Pharmaceuticals. “This funding will help further our mission to develop a breakthrough treatment for retinitis pigmentosa and other serious blinding and chronic diseases caused by oxidative stress.”
Nacuity’s lead technology is based on studies from the laboratory of Dr. Peter Campochiaro at the Wilmer Eye Institute involving oxidative stress in the retina. Oxidative stress has been implicated in a variety of ocular conditions and diseases, including retinitis pigmentosa, cataract, age-related macular degeneration, diabetic retinopathy, glaucoma, presbyopia, retinal detachment, and vitreous degeneration.
“We are proud to support Dr. Campochiaro’s research and Nacuity’s clinical trials as the company works diligently to develop treatments for ocular diseases,” said Benjamin R. Yerxa, Ph.D., CEO of Foundation Fighting Blindness. “Foundation Fighting Blindness is looking forward to results of the NPI-001 trial as a next step toward addressing an unmet need, as retinitis pigmentosa affects approximately 1.5 million people worldwide and the majority of patients are legally blind by age 40.”
About Nacuity Pharmaceuticals
Nacuity Pharmaceuticals is a clinical-stage leader in innovative treatments for oxidative stress. The company’s powerful, targeted therapies aim to stop oxidative tissue damage, a driver of blinding eye diseases and a broad spectrum of serious chronic conditions. Nacuity has three highly differentiated clinical programs ongoing in retinitis pigmentosa, cataracts and cystinosis with the potential to be first-of-a-kind therapies and gateways to wider applications. Based in Fort Worth, TX, the company has extensive managerial and scientific domain expertise as well as backing from Foundation Fighting Blindness (www.foundationfightingblindness.org) and its venture arm RD Fund (https://www.retinaldegenerationfund.org). For more information, please visit www.nacuity.com.
About Foundation Fighting Blindness and RD Fund
Established in 1971, the Foundation Fighting Blindness is the world’s leading private funding source for retinal degenerative disease research. The Foundation has raised more than $750 million toward its mission of preventing, treating, and curing blindness caused by the entire spectrum of retinal degenerative diseases including: retinitis pigmentosa, age-related macular degeneration, Usher syndrome, and Stargardt disease. Visit www.FightingBlindness.org for more information.
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tplohoros@6degreespr.com
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