A spin-out of Queen’s University Belfast, Re-Vana is working to improve the treatment of eye diseases by reducing the need for frequent drug administrations.
Belfast-based Re-Vana Therapeutics has raised $11.9m in Series A funding to develop its drug delivery technology for ocular diseases.
The funding round was oversubscribed by $4m. It was led by Visionary Ventures, a VC fund that focuses on the future of ophthalmology.
Additional investors included ExSight Ventures and InFocus Capital Partners, along with existing UK investors QUBIS, Co-Fund NI and Techstart Ventures.
Re-Vana Therapeutics was founded in 2016 as a spin-out from Queen’s University Belfast. The start-up aims to improve the treatment of ocular diseases by reducing the need for frequent drug administrations.
Its drug delivery products include EyeLief, which is a preformed implant that is injected into the eye through narrow gauge needles, providing sustained drug delivery to the eye for up to six months. The company has also designed an injectable gel-based implant called OcuLief for sustained-release drug delivery to the eye.
Re-Vana said the latest funding will help it advance the development of its drug delivery technology and enable the expansion of its operations and development teams.
Along with the financing, the Northern Ireland-headquartered company has appointed Visionary Ventures and InFocus Capital Partners MD Robert Avery to its board of directors. Re-Vana president and CEO Michael O’Rourke has been appointed as the chair of the board.
“We are especially fortunate to have received follow-on financing from multiple, highly respected US ophthalmic-focused venture capital firms and UK investors,” O’Rourke said.
“Their proven knowledge and expertise in ophthalmology are invaluable additions to Re-Vana as we accelerate the development of our pipeline and expand our strategic partnerships.”
To date, Re-Vana has raised more than $17.75m to support the development of its drug delivery technology.
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