Invirsa Completes $7.7M Series B Financing

COLUMBUS, Ohio--(BUSINESS WIRE)--Invirsa Inc., a privately held, clinical-stage pharmaceutical company focused on developing an innovative topically administered eyedrop formulation INV-102 for ocular conditions associated with DNA damage, announced the closing of a $7.7 million Series B financing completed in April earlier this year. The financing was led by Ohio-based venture firm, CincyTech, with participation from Rev1 Ventures, JobsOhio Growth Capital Fund, and JumpStart Ventures.

The financing advances Invirsa's lead product candidate, INV-102, for treatment of conditions associated with DNA damage. Funds will support a series of Phase 2 studies in conditions including acute infectious keratoconjunctivitis, dry eye disease, and Fuchs corneal dystrophy. In addition, funds will support Phase 3 preparation.

“The recent Series B funding is a significant milestone for Invirsa, which allows us to advance the clinical development of INV-102, a topical eye drop that has completed initial testing in dry eye patients (Phases 1 and 2a). Dry eye continues to be an important market with a significant unmet medical need," said Dr. Robert Shalwitz, Chief Executive Officer of Invirsa. “The recent investment led, by CincyTech with other Ohio life science investment funds, provides strong validation of our vision and approach."

CincyTech's Life Sciences Partner, John Rice, added, "There are an estimated 7 to 8 million people in the US alone with dry eye who lack a suitable therapeutic for their condition. As a result, there is a significant need for new, well-tolerated treatment options. We look forward to continuing working with Invirsa's management team to advance INV-102's clinical development for dry eye and other ocular conditions.”

About Invirsa

Leading Invirsa is an accomplished team of drug developers with key ophthalmology industry advisors to develop an innovative eye drop to reduce signs and symptoms of dry eye and other ocular surface conditions associated with DNA damage. The Phase 2 clinical development program for INV-102 includes a study in acute infectious keratoconjunctivitis (pink eye) in Q3 2023, a Phase 2 pilot study to evaluate the reduction of edema in subjects with Fuchs Endothelial Corneal Dystrophy (FECD) in Q4 2023, and an additional study in patients with dry eye disease (Q1 2024).

Invirsa's projects have been supported in whole or in part with federal funds from the Department of Health and Human Services; Administration for Strategic Preparedness and Response; Biomedical Advanced Research and Development Authority (BARDA), under contract number 75A50120C00171.

About INV-102

Invirsa's lead therapeutic, INV-102, is a new treatment for ocular conditions that is derived from a naturally occurring small molecule which modulates the activity of pathways critical to the DNA damage repair response and cellular stability. The first pathway is the protein p53, known as "the guardian of the genome," and the second is Pax6 which is critical for cellular stability, particularly in the eye. In vitro tests have shown that INV-102 reduces cellular injury/death caused by adenovirus (the primary virus associated with infectious conjunctivitis) and other causes of DNA damage. In vivo studies have demonstrated superior efficacy in several animal models. Learn more at: www.invirsa.com

About CincyTech

CincyTech is a Cincinnati-based venture firm focused on seeding and scaling a new generation of transformational Midwest companies. CincyTech invests in founders and researchers advancing novel science, technology, or insight that change or create large markets. Since 2007 CincyTech funds have invested in almost 90 seed-stage high-growth opportunities and support an active portfolio of more than 30 companies. Learn more at: www.cincytechusa.com

Frank Scardena, Sr. Director, Marketing
Tel: 614.787.7372
fscardena@invirsa.com