iVeena Raises $3M in Series B-2 for IVMED-85 Myopia Development

iVeena Delivery Systems Inc., a biopharmaceutical company based in Salt Lake City, is making significant strides in the treatment of pediatric myopia with its innovative product, IVMED-85. The company recently announced the successful closure of its Series B-2 financing round, securing $3 million in funding. This capital injection will be pivotal in advancing their pioneering pediatric myopia program, which is poised for important developments in the near future.

The funds raised will primarily be directed towards supporting the progress of IND-enabling studies that are already underway. These studies are crucial for the submission of an Investigational New Drug (IND) application, targeted for the first half of 2025. This strategic planning and financial backing highlight iVeena’s commitment to addressing pediatric myopia, a significant refractive condition affecting children globally.

In addition to the financial update, iVeena has strengthened its leadership by welcoming Dr. Jerry Hu to its Board of Directors. Dr. Hu is an esteemed ophthalmologist known for his contributions to ophthalmic innovations. His expertise is expected to add substantial value to iVeena’s long-term strategic goals, particularly in the context of developing novel ophthalmic treatments.

At the core of iVeena's research is IVMED-85, a daily eye drop formulation designed to enhance scleral and corneal collagen crosslinking through the activation of lysyl oxidase (LOX). This mechanism is anticipated to improve refraction and reduce the rate of axial elongation, which are critical factors in the management of progressive myopia. The company is planning to initiate a Phase 2 clinical trial of IVMED-85 in 2025, focusing on its potential benefits for patients with progressive myopia.

iVeena Delivery Systems is recognized for its innovative approach in the ophthalmology sector, particularly in developing pharmacologic solutions that modify the course of refractive diseases. The company is privately held and operates at the clinical stage, emphasizing its commitment to bringing transformative therapies to market. Among its notable achievements is the licensing of its lead product, IVMED-80, to Glaukos Corporation. IVMED-80 is an orphan drug designated eye drop designed for the treatment of keratoconus, another challenging eye condition.

The advancements in iVeena’s pipeline, particularly with IVMED-85, underscore the company’s dedication to addressing significant unmet needs in pediatric ophthalmology. By focusing on innovative treatments that alter the progression of eye diseases, iVeena is well-positioned to make a meaningful impact in the field. The recent financial and strategic developments mark a significant step forward in achieving these objectives, setting the stage for future clinical advancements and potential market introductions.