The federal government-financed National Reconstruction Fund Corporation (NRFC) has invested $27 million in glaucoma treatment company PolyActiva.
The Melbourne-based company will use the funding to complete a Phase 2b clinical trial of its pioneering intra-occular in-eye implant product to treat glaucoma.
The funding will also enable the company to consolidate its operations into a single facility, increase its workforce, and continue developing its technology for other conditions.
The NRFC funding has been committed alongside $13 million from early investor, medical specialist venture capital fund manager Brandon Capital.
PolyActiva has developed transparent biodegradable polymer rods 0.2 millimetres wide and less than 2 millimetres long to deliver drugs. The rods are injected into a patient’s eye where the drugs will be absorbed as needed over six to twelve months.
This is seen as an alternative to patients having to deliver drugs daily via eye drops. Glacoma is a chronic progressive eye disease that can lead to irreversible blindness by damaging the optic nerve due to increased eye pressure. Once glaucoma patients are prescribed eye drops, they need to keep taking the drops daily to prevent progression of the condition. Missed doses means eyesight is likely to deteriorate more quickly. Research has shown that less than 50% of patients maintain daily use of eye drops.
PolyActiva’s technology emerged from research at CSIRO, Bionics Institute and Centre for Eye Research Australia. The lead product candidate, PA5108, is described as a latanoprost-releasing ocular implant.
Commercialisation of PolyActiva’s drug delivery system for glaucoma, and possibly other conditions, has the potential to develop a significant new Australian medical product exporting company along the lines of Resmed (ASX: RMD) and Cochlear (ASX: COH).
NRFC chief executive David Gall said: “There are currently more than 80 million people worldwide suffering from glaucoma. PolyActiva’s technology is being developed with the hope to provide those facing this debilitating disease with an alternative treatment regime that will vastly improve their quality of life while reducing the treatment burden on medical providers.”
According to Gall, the fund’s cornerstone investment in PolyActiva anchored the current funding round by providing confidence for private capital investors to consider investing. He expects the NRFC’s support to help catalyse further private sector participation, accelerating the company’s growth and innovation.
Other investments from the $15 billion NRF this year have included $200 million in Arafura Rare Earths and $32 million in Harrison.ai, both in January, and $15 million in QuintessenceLabs in April.
Image: Adoption of PolyActiva’s lead product could save glaucoma patients having to take eye drops daily.