Naegis Pharma Secures Funding to Advance Ophthalmic Drug for Eye Diseases
Naegis Pharmaceuticals Inc., a life sciences company specializing in inflammation and ophthalmology, announced the successful closure of a financing round to advance its lead compound, N0651, towards a Phase 2 clinical trial. This funding will support the compound's progression through a U.S. FDA Investigational New Drug (IND) application over the next 12 months.
Investor Engagement
The investment attracted new stakeholders, including top Canadian investment funds, a global leader in ophthalmology clinical research, the venture arm of a major international ophthalmology company, certain high-net-worth individuals, and the company’s management and directors.
Under the leadership of President and founder, Dr. David Burgoyne, Naegis has made significant strides by targeting the underexplored leukotriene inflammatory pathway, crucial in the development and progression of serious eye diseases. The company’s scientists have developed and patented a series of new compounds that inhibit a key biological target, reducing the release of damaging pro-inflammatory substances.
Patent and Clinical Potential
The US Patent Office has confirmed that a patent for N0651 will be issued on May 7th, 2024. In pre-clinical studies, N0651 has shown remarkable effectiveness in treating inflammatory diseases of the eye, whether administered topically via eye drops or orally. This dual delivery capability positions N0651 as a potential disruptor in the ophthalmology market, currently valued at US$30 billion. It presents a more patient-friendly alternative to the existing treatments for retinal diseases like macular degeneration and diabetic retinopathy, which typically require costly and uncomfortable intra-ocular injections.
