Australia-based ocular implant developer PolyActiva has secured A$16m ($11.5m) in a round co-led by the Australian government-backed Medical Research Commercialisation Fund (MRCF) and VC firm Yuuwa Capital, Australian Financial Review has reported.
The remaining investors have not been named. MRCF is managed by Brandon Capital to advance technologies from Australia’s medical research institutes and affiliated research hospitals.
PolyActiva was founded in 2011 as a joint venture between Commonwealth Scientific and Industrial Research Organisation, Centre for Eye Research Australia and Bionic Ear Institute.
The company uses a polymer-based drug delivery material as the basis for medical treatments, including biodegradable implants for glaucoma and post-operative infectious endophthalmitis, both of which can cause loss of vision.
The implants administer drugs at a steady, daily dosage, making it well-suited for parts of the body capable of accepting only limited volumes. PolyActiva will put the capital towards phase 1 trials of its glaucoma implant and an antibiotic treatment.
MRCF previously joined another of Brandon Capital’s funds, Brandon Biosciences Fund 1, for PolyActiva’s $9.5m series B round in 2013, investing alongside Yuuwa Capital and assorted angel investors. PolyActiva had obtained more than $2.5m from undisclosed investors in 2011.
