Graybug Vision has closed $80 million in Series C financing, which will be used to advance its pan-VEGF inhibitor GB-102 into phase 2 studies and its potential glaucoma treatment GB-401 into the clinic, according to a press release.
The financing was led by CBC Group and includes participation from Deerfield Management, OrbiMed Advisors and Hatteras Venture Partners.
A phase 2b clinical study of GB-102, a potential twice-a-year treatment, is planned for the treatment of wet age-related macular degeneration, as well as a phase 2a study for macular edema secondary to diabetic macular edema or retinal vein occlusion.
GB-401, an intravitreal injection of Graybug’s proprietary new molecular entity, is designed to be administered every 4 to 6 months in primary open-angle glaucoma patients.
“The need for transforming patient outcomes in clinical practice has never been higher, and we look forward to announcing the initiation of enrollment in two GB-102 phase 2 studies later this year, as well as providing updates on our glaucoma program as it progresses towards a first-in-human study in 2020,” Frederic Guerard, president and CEO of Graybug Vision, said in the release.