The federal Labor government’s flagship National Reconstruction Fund Corporation (NRFC) is back investing post-election, hitting the send button on another $27 million to lead a $40 million Series C for PolyActiva.
The 15-year-old Melbourne biotechnology scaleup is developing potentially revolutionary eye implant technology to treat glaucoma and improve treatment outcomes for patients with ocular (eye) conditions.
Also backing the Series C were biotech VC Brandon Capital. It’s been 12 years since the biotech firm raised a $9.5 million Series B.
The funding will see PolyActiva expand and consolidate its operations in a single facility for R&D, analytics and manufacturing, as well as adding to the headcount and completing a phase 2b clinical trial. PolyActiva. The company’s also expands its commercial presence in the United States.
Glaucoma is a chronic, progressive eye disease that can lead to irreversible blindness by damaging the optic nerve due to increased eye pressure. Less than half of glaucoma patients consistently use daily eye drops over time which leads to increased risk of vision loss.
PolyActiva’s Prezia – a precise, consistent, customisable and effective delivery of ocular therapies for glaucoma and other eye diseases – emerged from research at the CSIRO, Bionics Institute and Centre for Eye Research Australia. They’re also working on a biodegradable ocular implant as an alternative to traditional eye drop therapy.
CEO Vanessa Waddell said the company has been inspired by Cochlear ability to turn Australian research into something that has helped millions of people hear.
“PolyActiva is on our mission to reduce glaucoma-related vision loss globally,” she said.
“This investment by the NRFC will help us do that, ensuring that we can complete our phase 2b clinical trial and prepare for phase 3 registration trial which will take us one step closer to a potential new therapy for glaucoma.”
NRFC CEO David Gall said more than 80 million people globally suffer from glaucoma, with that figure expected to grow by nearly 40% by 2040.
“PolyActiva’s ground-breaking technology is being developed with the hope, in the future, to provide those facing this debilitating disease with an alternative treatment regime that will vastly improve their quality of life while reducing the treatment burden on medical providers,” he said.
“PolyActiva’s implant technology has unique manufacturing requirements, so this investment helps to develop local capability and diversity in the pharmaceutical value chain, providing cascading benefits for Australia’s research, innovation and commercialisation ecosystem.”
The NRFC has $15 billion to invest using direct loans, equity investments and loan guarantees.
A year ago, PolyActiva received a $1.5m CUREator Grant towards its ocular implant for glaucoma.
Daily startup news and insights, delivered to your inbox.