Aerie Pharmaceuticals Completes $30 Million Series B
Financing to Fund Further Development of Innovative Glaucoma Product Portfolio Financing Underscores Strong Clinical Progress and Positive Data in Lead Program
Research
Triangle Park, NC, March 7, 2011 –
Aerie
Pharmaceuticals, Inc, a biotechnology company focused on the
discovery and development of medical innovations in ophthalmology,
today announced the closing of a $30 million Series B financing.
Clarus Ventures and Sofinnova Ventures co-led the round, with
participation from Osage University Partners, and existing investors
Alta Partners and TPG Biotech.
Aerie expects to
use proceeds from this financing to fund continued development of
Aerie’s broad product portfolio in glaucoma and advance the
company’s lead product, AR-12286, a first-in-class selective
Rho-kinase (ROCK) inhibitor, into Phase 3 trials by the end of 2011.
AR-12286 is designed to
lower intraocular pressure (IOP) by improving outflow of fluid via
the trabecular pathway. Aerie reported positive
top-line data from a Phase 2b trial with AR-12286 last September.
Additional Phase 2 studies are planned for 2011 to further elucidate
the unique clinical benefits of AR-12286.
“We are
gratified and encouraged by this strong show of support from an
outstanding group of leading life sciences investors,” said Tom van
Haarlem, MD, President and CEO of Aerie. “Glaucoma is still the
second leading cause of visual disability and blindness in the world
today. We are excited about the potential for Aerie’s compounds to
offer multiple, improved and differentiated treatment options for
millions of patients suffering from this widespread, degenerative
disease.”
In conjunction
with the financing, Dennis Henner, PhD, Managing Director at Clarus
Ventures, joined Aerie’s Board of Directors. Anand Mehra, MD, Partner at
Sofinnova Ventures joined the board in September of 2010.
“The more we
learn about the unique, clinical benefits of AR-12286, the more
enthusiastic we are about its prospects as an important and
differentiated glaucoma treatment, both as monotherapy and in
combination with existing glaucoma drugs,” said Dr. Henner. “Aerie
is a leader in the field of ophthalmology with their portfolio of
innovative glaucoma products, and we feel privileged to contribute
to that success.”
“Despite the
fact that glaucoma is a progressive disease, there has not been a
drug with a new mechanism of action approved in the glaucoma field
since the mid-nineties,” said Dr. Mehra. “Patients often need
several drugs to control their disease, and physicians have limited
options with these older mechanisms. We believe that AR-12286’s new
MOA, strong efficacy, excellent tolerability, and once daily dosing
can provide real value to patients at risk of losing their
vision.”
In addition to
Aerie’s lead program, the company is also pursuing several pipeline
programs including, AR-13324, the first of a novel glaucoma drug
class discovered at Aerie with a unique dual-mechanism. A platform
technology of conjunctival inserts is also being advanced to the
clinic. This innovative
technology is targeting a mechanism for long-term delivery of drugs
that has the potential to offer efficacy comparable to daily
prescription eye drops, while addressing the therapeutic challenges
involved with patient compliance in glaucoma
therapy.
About Aerie
Pharmaceuticals
Aerie
Pharmaceuticals is a privately held, clinical-stage biotechnology
company dedicated to the discovery and development of novel
treatments for glaucoma. The company is located in Research Triangle
Park, NC and in Bridgewater, NJ. All technology of the company is
based on internal R&D, which establishes a strong IP portfolio.
The innovative glaucoma pipeline includes the lead clinical product
AR-12286, a selective Rho-kinase (ROCK) inhibitor designed to lower IOP by
improving outflow of fluid via the trabecular pathway.
This first-in-class product has successfully completed Phase 2
clinical studies and is ready to be advanced to Phase 3. AR-13324, an IND candidate
with a unique dual mechanism of action, is another first-in-class of
a novel class of glaucoma drugs and was also discovered at Aerie. It
offers a superior IOP lowering efficacy and tolerability. A
proprietary latanoprost ocular drug insert allows long-term drug
delivery and control of intraocular pressure (IOP) and is also being
advanced to clinical studies. It has comparable IOP lowering to
traditional latanoprost eye drops. There are several earlier stage
glaucoma innovations in Aerie’s pipeline.
About Clarus
Ventures
Clarus Ventures is a life
sciences venture capital firm founded by a team of accomplished
investment professionals with extensive and complementary industry
backgrounds which have enabled them to establish a long history of
success in creating value.
Clarus is based in Cambridge MA and South San Francisco CA
and manages $1.2 billion of assets across two lifesciences dedicated
funds.
About Osage University
Partners
Osage University Partners is a venture
capital firm focused on investing in startups that are
commercializing university technologies. It collaborates with
universities that are leaders at technology commercialization to
invest in their startups and Osage shares its profit with those
institutions. Osage
University Partners invests in both life and physical science
companies at early and late stages of company development. It is part of a family of
investment funds within Osage Partners, which is based in
Philadelphia, PA and manages in excess of $200 million.
www.osageuniversitypartners.com
About Sofinnova
Ventures
Sofinnova Ventures has over 40 years of
experience building start-ups and corporate spin-outs into market
leaders. With $1 billion under management, the firm applies capital
and expertise to guide early stage companies to successful exits.
The firm’s investment team of MDs and PhDs has significant
scientific, operational and strategic experience, and specializes in
financing later stage clinical products. With a focus on product
spin-outs, the firm partners with entrepreneurs to address patients’
unmet medical needs. Sofinnova Ventures has offices in
Company Contact: Tom van Haarlem CEO Aerie Pharmaceuticals 908-672-2912
Media Contact: Jennifer James for Aerie Pharmaceuticals 650-681-8429
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