Nacuity Pharmaceuticals Receives $16.5 Million Series B Financing to Support its Clinical Trials

Nacuity Pharmaceuticals Receives $16.5 Million Series B Financing to Support its Clinical Trials

June 16, 2022

Nacuity Pharmaceuticals announced the closing of a $16.5 million Series B financing led by Foundation Fighting Blindness and its venture arm RD Fund. Additional existing investors also participated in the round. Proceeds from the financing will be used to support the advancement of Nacuity’s clinical trials for NPI-001 and NPI-002 through proof of concept, as well as for general operations.

NPI-001 tablets are currently being evaluated in a phase 1/2 clinical trial, known as the SLO-RP Study (ClinicalTrials.gov Identifier: NCT04355689), in patients with retinitis pigmentosa associated with Usher syndrome. Nacuity expects to have interim results from this study in the second quarter of 2023.

NPI-002, a proprietary sustained release antioxidant molecule designed to slow cataract progression delivered via intravitreal implant, is being evaluated in a phase 1/2 clinical trial that is currently enrolling patients undergoing vitrectomy in Australia (ClinicalTrials.gov Identifier: NCT05026632). Nacuity expects to have results from this study in the second quarter of 2023.

“We are grateful for the support of Foundation Fighting Blindness, RD Fund, Maxim Merchant Capital and our private investors as we progress our lead programs and seek to establish proof of concept,” said Halden Conner, Chairman, CEO, and Co-Founder of Nacuity Pharmaceuticals. “This funding will help further our mission to develop a breakthrough treatment for retinitis pigmentosa and other serious blinding and chronic diseases caused by oxidative stress.”

Nacuity’s lead technology is based on studies from the laboratory of Peter Campochiaro, MD, at the Wilmer Eye Institute involving oxidative stress in the retina. Oxidative stress has been implicated in a variety of ocular conditions and diseases, including retinitis pigmentosa, cataract, age-related macular degeneration, diabetic retinopathy, glaucoma, presbyopia, retinal detachment, and vitreous degeneration.

“We are proud to support Dr. Campochiaro’s research and Nacuity’s clinical trials as the company works diligently to develop treatments for ocular diseases,” said Benjamin R. Yerxa, PhD, CEO of Foundation Fighting Blindness. “Foundation Fighting Blindness is looking forward to results of the NPI-001 trial as a next step toward addressing an unmet need, as retinitis pigmentosa affects approximately 1.5 million people worldwide and the majority of patients are legally blind by age 40.”

Maxim Merchant Capital, a division of Maxim Group LLC, served as sole placement agent for the financing.