Invirsa, a clinical-stage pharmaceutical company specializing in topically administered eyedrop formulations, has successfully completed a Series B financing round, raising $7.7 million. The funding round took place in April and was led by CincyTech, a venture firm based in Ohio. Other participants in the financing round included Rev1 Ventures, JobsOhio Growth Capital Fund, and JumpStart Ventures.
The funds raised will be used to advance Invirsa’s lead product candidate, INV-102, which aims to treat ocular conditions associated with DNA damage. The financing will support a series of Phase 2 studies for conditions such as acute infectious keratoconjunctivitis, dry eye disease, and Fuchs corneal dystrophy. Additionally, the funds will be utilized for Phase 3 preparation.
Dr. Robert Shalwitz, Chief Executive Officer of Invirsa, expressed the significance of the Series B funding, stating that it allows the company to progress the clinical development of INV-102, an eye drop formulation that has undergone initial testing in dry eye patients during Phases 1 and 2a. Dry eye remains a significant market with an unmet medical need, and the investment received from CincyTech and other Ohio life science investment funds validates Invirsa’s vision and approach.
John Rice, Life Sciences Partner at CincyTech, emphasized the demand for new treatment options in the dry eye market, where an estimated 7 to 8 million people in the US alone lack a suitable therapeutic. CincyTech looks forward to collaborating with Invirsa’s management team to advance the clinical development of INV-102 for dry eye and other ocular conditions.