SilkTech Biopharmaceuticals Secures $6.2M Series A Funding to Advance Silk-Derived Protein Drug SDP-4 for Dry Eye Disease

VCBeat (WeChat Official Account: vcbeat) has learned that on April 16 (local time), SilkTech Biopharmaceuticals (“SilkTech”), headquartered in Minnesota, USA, announced the completion of a $6.2 million Series A financing round. The round was led by Skyview Ventures. The proceeds will be used to support the research and development and clinical trials of SilkTech’s new drug candidate, SDP-4.

SilkTech, established in 2013, is a biopharmaceutical company. The company has developed an innovative biologic drug, SDP-4, for the treatment of dry eye disease (DED), utilizing silk-derived proteins. These silk-derived proteins can be extracted from silkworm cocoons through specific technologies.

It is estimated that over 340 million people worldwide suffer from dry eye disease (DED). Currently, 15 million people in the United States have been diagnosed with DED. DED is caused by decreased stability of the tear film. Common symptoms in patients with DED include dry eyes, easy fatigability, ocular itching, a foreign body sensation, pain or burning sensation, viscous secretions, wind sensitivity, and photophobia. The tear film in patients’ eyes becomes increasingly unstable over time, which may lead to disease progression.

The primary active ingredient in SDP-4 is silk-derived protein, which helps keep patients’ eyes more moist and comfortable. SDP-4 is a preservative-free, water-based formulation packaged in single-dose containers and can be stored at room temperature. SDP-4 exerts its anti-inflammatory effects by inhibiting inflammatory mediators that may exacerbate the symptoms of dry eye disease (DED). Currently, SDP-4 has not yet received approval from the U.S. Food and Drug Administration (FDA).

“SDP-4 eye drops utilize an innovative biological approach to treat inflammation and the tear film in patients with DED,” said Dr. Edward Holland, an ophthalmology expert.

The Phase 2 clinical trial of SDP-4 (SDP-4-CS201) enrolled 300 patients to evaluate the safety and efficacy of SDP-4. In this study, patients received topical ocular administration of SDP-4 ophthalmic solution at three concentrations (0.1%, 1.0%, and 3.0%) twice daily, with changes in dry eye disease (DED) symptoms observed and recorded. The trial was expected to conclude in late 2019, laying the foundation for Phase 3 clinical trials.

“We have initiated the Phase 2 clinical trial of SDP-4 to evaluate its efficacy in treating dry eye disease. Moving forward, we will continue to conduct clinical trials to assess the safety and efficacy of this product in patients with dry eye disease (DED), with the aim of securing FDA approval for SDP-4 as soon as possible,” said Dr. Brian D. Lawrence, CEO and Co-founder of SilkTech.

“The approval of SilkTech’s IND application is a milestone event. As a patient with dry eye disease (DED), I am particularly eager to see new DED treatments reach the market as soon as possible,” said Alex Soltani, CEO of Skyview Capital. “As a partner, I believe SilkTech can bring innovative technologies to the treatment of DED.”

Skyview Capital was founded in 2005 and is headquartered in Los Angeles. The company is a private investment firm focused on investing in startups with market potential.

Reference link:

https://silk-tech.com/

http://www.skyviewcapital.com/

http://www.finsmes.com/2019/04/silktech-biopharmaceuticals-raises-6-2m-in-additional-funding.html

(Compiled by Liu Na)