Orasis Pharmaceuticals secures financing for commercial launch of presbyopia-correcting drops
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Orasis Pharmaceuticals secured $78 million in financing to support the commercial launch of pilocarpine hydrochloride ophthalmic solution 0.4% (Qlosi), which is a novel corrective eye drop for the treatment of presbyopia in adults.
The pilocarpine solution is a prescription eye drop that can be used daily, or as needed, up to twice per day. The solution demonstrated efficacy 20 minutes after administration and can last up to 8 hours, as measured on day 15, to improve near vision without impacting distance or night vision. Orasis’s presbyopia-correcting drop is a preservative-free formulation of pilocarpine, an established eye care therapeutic, designed to achieve an optimal balance between efficacy, safety, and comfort.
Co-led by Arboretum Ventures and Johnson & Johnson Innovation, the Series D financing featured a $68 million equity component. Catalio Capital Management and Freepoint Capital Group also contributed to equity, as did return investors Visionary Ventures, Bluestem Capital, SBI (Japan) Innovation Fund, Sequoia Capital, and Maverick Ventures, among others. Additionally, Orasis has secured $15 million in structured capital from Catalio Capital Management, $10 million of which will be drawn at closing.1
Elad Kedar CEO of Orasis, is pleased pleased the company is working with investors who share the company’s dedication to reshaping vision possibilities for presbyopes seeking a break from reading glasses.
“We are excited to announce the financing round with such incredible new and existing investors and partners, including Johnson and Johnson’s venture arm, JJDC, Inc., Arboretum and all existing shareholders, who are helping to scale the organization and fuel the launch of Qlosi in the U.S,” Kedar said. “As we move closer to the launch of Qlosi, we are focused on capitalizing on the opportunity to revitalize this expansive category to help meet more patients where they are and begin to build the category to its full potential.”
“This significant funding will allow us to successfully launch Qlosi, providing the eye care community a near-vision solution with a balance of efficacy and tolerability, using the lowest effective concentration of pilocarpine approved,” he said.
“We are pleased to co-lead this financing and to join an experienced syndicate of investors whose collective support is further validation of the market potential for Qlosi,” Paul McCreadie, managing partner at Arboretum Ventures, said in the news release. “We have high confidence in the Orasis team to successfully launch Qlosi and generate a positive impact on patients’ near vision."
Pilocarpine hydrochloride ophthalmic solution 0.4% is a novel corrective eye drop indicated for the treatment of presbyopia in adults. Its formulation includes the lowest effective concentration of pilocarpine approved,1,2 together with a multi-faceted vehicle, and does not contain an anti-microbial preservative.
The solution was designed to achieve a balance between efficacy, safety, and comfort. It improves near visual acuity by pupil modulation, resulting in a “pinhole effect” and an increase in the depth of field, thus increasing the ability to focus on near objects without negatively impacting distance.1
