BOSTON — TearClear has raised $22 million in funding.
The company plans to use the Series B round “to advance multiple clinical programs in development, with two lead candidates in glaucoma paving the way for future indications,” according to a press release.
Participating in the round were Visionary Ventures, Bluestem Capital and Flying L Partners, who collaborated with Falcon Vision, a platform formed by KKR to advance innovation in ophthalmology.
The company also announced the appointment of Stuart Raetzman, who most recently served as CEO of Galderma, to the TearClear board of directors.
“Stuart is a life science industry executive with proven success in pharmaceuticals, biologics, medical devices and over‐the‐counter products. His appointment further strengthens our Board and his commercial expertise will be a tremendous value to the team,” said TearClear CEO Robert Dempsey.
As CEO of Galderma, Raetzman led the dramatic turnaround of the company, ultimately selling the business to private equity firm EQT Partners. Previously his eyecare expertise was established during his two decades in global leadership roles with Alcon, following his tenure at Allergan and Chiron Vision.
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“Eye care professionals have long recognized the negative effects of preservatives on the ocular surface. TearClear is the only pharmaceutical company to administer preservative free eye drops to the ocular surface that are preserved safely prior to administration,” said Raetzman. “I’m excited to join the Board of TearClear to help bring their versatile platform through regulatory approval and to market.”
