Queen's University spinout firm Re-Vana Therapeutics has raised $3.25m US in investment for its innovative drug delivery system.
Research conducted at Queen's University Belfast can often translate into viable business ventures, and that's where the university's commercialisation arm Qubis comes in. The group invests alongside local and international investors to help turn new research into products and services with wide commercial potential.
Re-Vana Therapeutics Ltd is the latest major MedTech firm to spin out of Queen's University thanks to Qubis, having just raised $3.25 million in pre-series A financing for its new eyesight-preserving tech. The firm has developed a drug delivery system for sustained-release therapeutics to help combat diseases that could cause people to lose their sight.
The finance comes from a mixture of Northern Irish and US-based firms, including ExSight Ventures, Visionary Ventures, InFocus Capital Partners, TechStart Ventures, Clarendon Fund Managers, Qubis Ltd, and The Syndicate Room. The funds will be used to advance proof-of-concept development for Re-Vana’s biodegradable implants designed for sustained release of medication over a several month period.
Michael O’Rourke, President and Chief Executive Officer, Re-Vana Therapeutics, commented on the funding round: "Financing from new and existing investors during this challenging time is a testament to the potential of Re-Vana’s technologies for sustained delivery of both biologic and small molecule therapeutics. We are especially fortunate to have three highly respected, U.S. ophthalmic-focused investors join our board. Their proven knowledge and expertise in ophthalmology will be an invaluable addition to Re-Vana as we initiate preclinical development and expand our strategic partnerships."
Source: Written based on press release
