Stuart Therapeutics has collected equity financing from investors including Wisconsin Alumni Research Foundation to fund phase 2 trials for a drug aimed at dry eye disease.
Stuart Therapeutics, a US-based biopharmaceutical company focused on ophthalmic diseases, completed an $11m series A round on Tuesday featuring Wisconsin Alumni Research Foundation, the tech transfer arm of University of Wisconsin-Madison.
InFocus Capital Partners led the round, which also featured Mimo Capital and Biobrit.
Founded in 2017, Stuart Therapeutics is working on treatments for a variety of diseases affecting the eye, such as glaucoma, dry and wet age-related macular degeneration and neurotrophic keratitis.
Its lead asset, ST-100, is being developed as a topical drop formulation for dry eye disease. Stuart will use the series A financing to advance ST-100 into phase 2 trials.
Stuart’s technology platform, PolyCol, was developed by chairman, chief medical officer and head of product development Robert Baratta; president and chief executive Eric Schlumpf; and senior vice-president, program management and corporate development, Shawn DeLorey.
PolyCol is based on research licensed from a “major US university” but Stuart has not offered further details. Baratta and chief science officer David Calkins are both linked to Vanderbilt University’s Eye Institute, but it is unclear whether that is the institution in question.
