REDWOOD CITY, CA — Graybug Vision Inc., a company developing therapies for ocular diseases, has secured $80 million in financing.
Proceeds will be used to continue work on potential treatments for wet age-related macular degeneration, macular edema and glaucoma.
The Series C financing was led by CBC Group (formerly known as C-Bridge Capital), a new investor, and includes participation from existing investors Deerfield Management, OrbiMed Advisors, Hatteras Venture Partners, a fund managed by Blackstone Life Sciences, and other new investors.
Michael Keyoung, MD, managing director and head of North America at CBC Group and chairman of AffaMed Therapeutics, is joining the board of directors of Graybug Vision.
“We have great confidence in Graybug Vision’s management team and are excited by the potential of the company’s lead asset, GB-102, to reduce the treatment burden in patients suffering from retinal diseases,” said Keyoung. “We look forward to working with Graybug Vision as they develop GB-102 and continue to advance their pipeline.”
Justin Hanes, a company founder and Lewis J. Ort Professor of Ophthalmology at the Wilmer Eye Institute, will transition to board observer and continue to actively support the company.
According to a company bio:
Graybug Vision is a clinical stage pharmaceutical company developing novel products for the treatment of ocular diseases. The company’s proprietary injectable products are designed to enable less frequent administration to reduce the burden of treatment for patients and their physicians. The company’s lead clinical-stage injectable product, GB-102, has the potential to achieve 6-month dosing in the treatment of retinal diseases. GB-401 has the potential to achieve 4 to 6-month dosing in the treatment of elevated IOP associated with POAG.