Kedalion Therapeutics, a clinical-stage company focused on the development and commercialization of topical ophthalmology therapies based on its proprietary AcuStream™ platform, announced the completion its Series B financing led by Novartis and involving a combination of new and existing investors.
According to the company, the Novartis investment consists of an Exclusive Option to acquire the company and its AcuStream™ technology. This agreement follows a Feasibility Study agreement inked earlier this year with the AcuStreamTM technology.
Following this, a feasibility study was completed with positive results. The two sides are still working together. The financial and other terms of this transaction were not disclosed.
When administered by a physician, Kedalion's AcuStreamTM platform is a highly innovative, digitally connected, electromechanical topical ocular delivery device that aims to address a potential unmet need for a convenient, user-friendly device that reliably, accurately, and comfortably delivers topical ocular therapy with reduced reliance on patient skill and instillation technique.
The multi-dose, preservative-free platform strives to enable intended aim, potential for a comfortable patient experience, micro-dosing capability, and in phase 1 proof of concept studies, has shown a potential for a reduction in delivery dose of an intended therapy.
Kedalion will continue to develop the AcuStreamTM platform across a wide range of illness categories, medication classes, and formulations, including presbyopia therapy.
The company's highly advanced portfolio of topical ocular medication solutions in development could benefit from the AcuStreamTM technology, which has the potential to improve patient experience and treatment outcomes.
The company looks forward to the opportunity to collaborate with Novartis Innovative Medicines as a valued investor and partner in developing our technology platform and therapeutic targets.
“At Novartis, we are committed to reimagining medicine and investigating innovative approaches that have the potential to address unmet patient needs,” said Jill Hopkins, Global Development Unit Head, Ophthalmology, Novartis Pharmaceuticals.
“The AcuStream™ technology is a novel platform with broad applicability in ophthalmics and we envision that it could help us deliver transformative solutions to the patients who rely on our therapeutics to treat a range of eye conditions.”
Dr. Mark Blumenkranz, the Chairman and Chief Executive of Kedalion Therapeutics, commented that “this transaction and associated further studies will help us accomplish our goal of revolutionizing the way drugs are delivered to the eye.”
“The AcuStream™ technology, which strives to enable easier aiming, micro-dosing capability, and a potential for a reduction in delivery dose of an intended therapy, has the potential for a comfortable patient experience for patients worldwide. The platform could potentially provide convenience and enable micro-dosing capability for various ocular diseases. We see our capabilities coupled with the scientific and market leadership of Novartis in ophthalmics to be a winning formula for both organizations.”
About Kedalion Therapeutics
Kedalion Therapeutics is a venture-backed, clinical-stage biotechnology company whose mission is to bring to market transformative topical ophthalmic therapies for new and existing indications. Kedalion’s proprietary AcuStream platform technology delivers topical drugs to the eye in a precise and accurate manner that enables comparable effect with up to an 80% reduction in dose compared to standard eye drops. Kedalion is based in Menlo Park, CA.