BIOPHTA, a France-based preclinical biotech company developing technology solutions for the treatment of eye diseases, has raised €6.5 million (approximately $7 million) in seed funding in the just concluded financing round to propel its patented technology to a clinical development stage.
As the company announced today, the funding round, led by UI Investissement through the Pertinence Invest 2 Fund, was supported by other leading European venture capital firms, including Elaia and GO Capital. Other participants in the round include major ophthalmology player Unither Pharmaceuticals, alongside HTL Biotechnology, a global biotech company focusing on leader-pharma-grade biopolymers.
The new capital infusion will help BIOPHTA advance its eye disease treatment to the clinical stage in the next two years through two multifaceted programs targeting common causes of blindness, such as Glaucoma and Macular Edema.
According to the company, the program’s first phase targeting the treatment of Glaucoma is scheduled for 2025, with a market of $8.7 billion. In the second phase of the program, scheduled for 2026, the startup will target the treatment of Macular Edema, which has an estimated market of $9.6 billion.
BIOPHTA leverages advanced technology to develop eye treatment solutions that overcome challenges, including undertreatment resulting from lack of adherence, making the existing traditional methods less effective. Other challenges include the high cost and invasiveness of frequent painful intraocular injections.
The startup’s new standards of eye treatment involve administering a 3mm diameter mini-tablet ophthalmic insert placed in contact with the eye’s surface, just like a contact lens. Once applied, the ophthalmic insert transforms into a hydrogel pellet and stays in place, delivering a controlled low dose to the eye for seven days.
Though still at the pre-clinical stage, BIOPHTA’s therapy is the first to disrupt both retinal and front-of-the-eye, as the World Health Organization (WHO) estimates that 1.3 billion people become blind, with 36 million others becoming visually impaired.
Following the successful fundraiser, Jean Garrec, founder and CEO of BIOPHTA, acknowledged that the new funding will not only boost the company’s financial resources but also help structure and develop it.
