PolyActiva Raises $40M for Glaucoma Drug Delivery Platform

PolyActiva has raised AUD $40 million in a Series C financing round to further the clinical development of its lead product, PA5108, a biodegradable sustained-release ocular implant targeting intraocular pressure (IOP) reduction in glaucoma and ocular hypertension patients. The funding will also support the company’s proprietary PREZIA platform and its broader therapeutic pipeline.

Clinical Development Progress of PA5108 for Glaucoma Management

PA5108 is designed to deliver latanoprost, a first-line treatment for glaucoma, via a biodegradable ocular implant. Uniquely, the implant is engineered to fully degrade after drug release, allowing for repeat dosing without requiring surgical removal.

The company’s phase 2 clinical trial, completed in late 2024, met its primary efficacy and safety endpoints, demonstrating significant IOP reduction over 26 weeks. A second phase 2 study confirmed the feasibility of repeat dosing after six months of therapy.

PolyActiva is set to initiate a phase 2b study in Q2 2025 at U.S. clinical sites, assessing optimal dose, safety, and efficacy. Preparations are also underway for a pivotal phase 3 registration trial.

PREZIA Platform Offers Customizable Approach to Ocular Drug Delivery

The PREZIA drug delivery platform differentiates itself by using covalent bonding to attach therapeutics to a polymer backbone, rather than relying on passive diffusion. This approach enables:

• Customizable release durations ranging from one week to 12 months

• Consistent and predictable drug delivery

• Compatibility with both small molecules and biologics

“This funding marks a pivotal step forward in our efforts to bring our innovative technology to glaucoma patients who struggle with daily medication adherence,” said Vanessa Waddell, CEO of PolyActiva. “Our PREZIA platform represents a breakthrough in precision drug delivery, with the goal of offering a customizable, safe, and effective alternative to traditional therapies.”

Strategic Investment and Industry Support

The National Reconstruction Fund Corporation (NRFC) contributed AUD $27 million to the Series C round, alongside longstanding investor Brandon Capital.

“PolyActiva’s breakthrough PREZIA technology represents more than advancing the treatment of glaucoma; it could redefine the standard of care for ocular drug delivery,” commented Chris Nave, PhD, co-founder and managing partner at Brandon Capital and chair of PolyActiva.

Waddell concluded by emphasizing the broader mission:

“PolyActiva is on a mission to reduce glaucoma-related vision loss globally. This investment ensures we can complete our Phase 2b trial and prepare for a Phase 3 registration trial—bringing us closer to delivering a potential new therapy for glaucoma.”