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iVeena Secures $3 Million in Series B-2 Financing to Accelerate Development of IVMED-85 for Myopia

Jerry Hu, M.D. appointed to Board of Directors

SALT LAKE CITY--(BUSINESS WIRE)--iVeena Delivery Systems Inc. (“iVeena”), a biopharmaceutical company advancing IVMED-85 for the treatment of pediatric myopia, today announced that it has closed its fully subscribed Series B-2 financing of $3 million.

This investment will support iVeena’s pursuit of advancing their innovative pediatric myopia program. All IND-enabling studies are well underway supporting a targeted IND submission in H1-2025.

“We are pleased to welcome Dr. Jerry Hu to our Board as an independent director,” said President and Founder, Bala Ambati, M.D., Ph.D., MBA. “Dr. Hu is a world-renowned ophthalmologist who stands at the forefront of cutting-edge ophthalmic innovations bringing significant value to our long-term strategy.”

About IVMED-85

IVMED-85 is a daily eye drop that strengthens scleral and corneal collagen crosslinks through LOX activation, potentially leading to improved refraction and a decrease in the rate of axial elongation. IVMED-85 is expected to begin a Phase 2 clinical study in progressive myopia in 2025.

About iVeena

iVeena Delivery Systems, Inc. is a privately held, clinical stage ophthalmology company developing disease-modifying pharmacologic innovations for refractive diseases. iVeena has licensed its lead asset to Glaukos Corporation, IVMED-80, an Orphan Drug Designated eye drop for keratoconus. iVeena is developing IVMED-85, a first in class, investigational eyedrop formulation for pediatric myopia.

Contacts

Corporate Contact:
Michael Burr, MS, MBA
Vice President of Product Development
mburr@iveenamed.com

Industry:

iVeena Delivery Systems, Inc.

Release Versions
English

Contacts

Corporate Contact:
Michael Burr, MS, MBA
Vice President of Product Development
mburr@iveenamed.com

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