EyeGate Pharma, Delivering Drugs Into the Eye, Raises $11M Out of $23M Round

12/21/09Follow @xconomy

EyeGate Pharma, a Waltham, MA-based company developing more effective ways to deliver drugs into the eye, has raised $11 million in new financing out of an equity round that could potentially bring in $22.7 million, according to a regulatory filing today.

EyeGate hasn’t issued a statement on the financing, and a company spokesman couldn’t immediately be reached for comment. But the first amount of financing arrived on December 8, and some of it is coming from foreign entities, according to the filing.

The company, founded in 1998 with technology from the Bascom Palmer Eye Institute at the University of Miami, reported results from a pair of mid-stage clinical trials at medical meetings in October. EyeGate’s lead drug is designed to deliver a corticosteroid anti-inflammatory solution directly into the eye for uveitis, an inflammatory condition that can lead to permanent blindness, and for dry eye. The company, which Xconomy profiled back in March 2008, has raised $15 million at that time in a Series C round from Medicis Capital, Ventech, Innoven Partenaires, and The Nexus Group. The company said then it had raised a total of $31 million.

While today’s filing doesn’t say who invested, it does list eight members of the EyeGate board of directors. They are CEO Stephen From; J. Cleftie of Innoven Partenaires in Paris; Alain Maiore of Ventech in Paris; Michael Mullen; Thomas Hancock of New England Partners Capital; Morton Goldberg; and Praveen Tyle.

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