Telor Ophthalmic Pharmaceuticals Inc. said Tuesday that it hascompleted an oversubscribed $8.8 million private placement ofconvertible preferred stock.
New investors in this round included New EnterpriseAssociates, Chemicals and Materials Enterprise Associates, andSED Ventures S.A. of France. Previous investors includedCommonwealth BioVentures, Hambro Ventures International,Asset Management, Prince Ventures, Venrock Associates andDSV Partners.
Telor in April began Phase I/II clinical trials of its first drug, acompound to prevent acute increases in intraocular pressure inglaucoma patients following cataract surgery.
The active ingredient in EY-105, ethacrynic acid, is a smallmolecule that has been used for 25 years as a systemic drug totreat fluid retention resulting from congestive heart failure,cirrhosis of the liver and kidney disease.
EY-105 is in preclinical development as a topical product forlong-term use in controlling intraocular pressure in glaucomapatients.
A study published in the January issue of Archives ofOphthalmology suggested that the drug works by changing theshape of cells and loosening the junctions between cells liningthe fluid outflow channels.
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