Australia-based biotech PolyActiva receives AUS$9.2m ($9.5m) series B from a consortium of new and existing investors to develop glaucoma and osteoarthritis treatments.
PolyActiva, a joint venture biotech between the Bionic Ear Institute, the Centre for Eye Research Australia, and the Commonwealth Scientific and Industrial Research Organisation (CSIRO), has raised AUS$9.2m ($9.5m) in a series B round that saw new investors join existing backer the Medical Research Commercialisation Fund (MRCF).
The latest round also saw investment from the Brandon Biosciences Fund 1, early-stage venture firm Yuuwa Capital, and a number of angel investors. The MRCF previously raised AUS$2.4m ($2.47m) of financing for Melbourne-based PolyActiva when the firm was founded in 2011.
The firm said that it plans to use the funds to further develop treatments for eye and ear diseases, such as glaucoma. Glaucoma is the second most common cause of blindness in the world, currently affecting around 70 million people, and requires a life-long regimen of eye drops to treat.
Richard Tait, chief executive officer of PolyActiva, said: “The funding significantly transforms our business by providing sufficient funds to take each of our planned development programmes to clinical proof of concept. The investment reflects the confidence our investors have in our capacity to deliver. Once we have demonstrated significant clinical outcomes, we will seek commercial partners for these products. We are also open to any companies looking to adopt our technology for the delivery of their own drugs.”
