SpyGlass Pharma Secures $75 Million Series D Financing to Advance Long-Acting Ophthalmic Drug Delivery Platform

On June 2, SpyGlass Pharma, a private ophthalmic biotechnology company based in California, announced the completion of a $75 million Series D financing round. SpyGlass' drug delivery platform is designed to provide years of therapeutic benefits, addressing the long-term management needs of glaucoma and other chronic ophthalmic conditions. SpyGlass completed its Series A financing in May 2019, a $27.5 million Series B round in January 2021, and a $90 million Series C round in July 2023. The technology behind SpyGlass was initially developed at the Sue Anschutz-Rodgers Eye Center at the University of Colorado School of Medicine.

DRound bySands CapitalLead Investment, with participation from Gilde Healthcare and existing investors New Enterprise Associates (NEA), RA Capital, Vensana Capital, Samsara BioCapital, and Vertex Ventures HC. This funding will support the development of SpyGlass Pharma's cutting-edge drug delivery platform through the readout of two pivotal Phase III registration trials expected to commence later this year. The SpyGlass drug delivery platform, containing bimatoprost, is designed to deliver bimatoprost to the target tissue for a sustained period of three years.

Patrick Mooney, CEO of SpyGlass Pharma, said:"We thank our new and existing investors for their strong support, which highlights their confidence in our innovative drug delivery platform. We are excited to advance our platform through pivotal Phase III trials as we accelerate our commitment to addressing significant unmet needs for ophthalmic patients."

Malik Y. Kahook, M.D., Co-Founder and President of SpyGlass Pharma, stated:"We believe that our approach represents a paradigm shift in the treatment of eye diseases such as glaucoma, offering significant advantages over currently commercialized therapies. The long-term safety and efficacy demonstrated in the first-in-human feasibility trial and Phase II multicenter randomized clinical trials are compelling, showing a significant and sustained reduction in intraocular pressure in glaucoma patients."

Sands Capital Chief Financial Officer Jake Merrill stated:"We are delighted to lead this financing round and advance SpyGlass' innovative platform technology through Phase III studies. Glaucoma remains the leading cause of irreversible blindness worldwide, and we believe that SpyGlass' elegant intraocular drug delivery approach will set a new standard of care in this area of unmet need."