Graybug Vision Secures $80 Million Series C Financing to Advance Long-Acting Ophthalmic Therapies

On August 21, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biotechnology and pharmaceutical company Graybug Vision (Graybug) announced the completion of an $80 million Series C financing round. The round was led by CBC Group (C-Bridge Capital), with participation from Deerfield Management, OrbiMed Advisors, Hatteras Venture Partners, and Blackstone Life Sciences.

It is reported that Michael Keyoung, Head of North America at C-Bridge Capital; Lewis J. Ort, Founder of the Wilmer Eye Institute in the United States; and Dr. Justin Hanes, Professor of Ophthalmology, will join the board of directors of GrayBug.

GrayBug plans to use the funds from this financing round to conduct Phase II clinical studies of its ophthalmic injectable drugs, GB-102 and GB-401.

Graybug, founded in 2011 and headquartered in California, USA, is a clinical-stage pharmaceutical company. The company primarily develops long-acting therapies for ocular diseases such as wet age-related macular degeneration (wet-AMD), diabetic macular edema (DME), retinal vein occlusion (RVO), and primary open-angle glaucoma (POAG), aiming to alleviate the individual medical burden on patients. Graybug’s long-acting ophthalmic injection drugs, GB-102 and GB-401, can improve patient treatment outcomes.

GB-102 is a pan-vascular endothelial growth factor (pan-VEGF) inhibitor primarily indicated for the treatment of wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME), requiring only two intravitreal injections per year. Graybug completed Phase I clinical trials of the drug in the first half of 2019, conducting a preliminary assessment of its safety and patient tolerability. The company planned to enroll 220 volunteers in the third quarter of 2019 for a one-year Phase IIb clinical trial of GB-102.

GB-401 is a novel molecular drug developed by Graybug, primarily intended for intravitreal injection in patients with primary open-angle glaucoma (POAG). Currently, conventional pharmacotherapies for POAG typically require once-daily or multiple daily administrations, resulting in poor patient adherence and suboptimal therapeutic efficacy. In contrast, GB-401 allows for dosing every 4–6 months and can improve patient adherence and clinical outcomes through sustained reduction of intraocular pressure. Graybug plans to initiate Phase IIa clinical trials of GB-401 in 2020.

Frederic Guerard, President and CEO of Graybug, stated, “Thanks to the strong support from our investors, Graybug will continue to develop safe, long-acting therapies for ocular diseases, providing new treatment options for patients with retinal diseases.”

Michael Keyoung stated, “We have full confidence in the Graybug management team and believe that GB-102 will significantly alleviate the treatment burden for patients with retinal diseases. C-Bridge Capital looks forward to collaborating with Graybug to develop therapeutics for ocular diseases and to continue supporting them in advancing their pipeline.”

CBC Group, established in 2014, is a private equity firm headquartered in Singapore. The company primarily focuses on sectors such as biotechnology, pharmaceuticals, mobile health, and medical devices, providing financial support to early-stage startups.

Deerfield, headquartered in New York, USA, is dedicated to advancing the healthcare sector through its investment arm, healthcare industry research institute, and charitable foundation.

OrbiMed, founded in 1989 and headquartered in New York, USA, is a venture capital and private equity firm. The company focuses on investing in the healthcare industry and manages approximately $5 billion in assets.

Hatteras, founded in 2000, is a venture capital and financial services firm headquartered in North Carolina, USA. The company primarily focuses on biopharmaceuticals, medical devices, diagnostic technologies, and other areas related to human medicine. Hatteras manages three funds with over $120 million in assets under management.

Blackstone Life Sciences, headquartered in New York, USA, is a leading private investment firm. The company primarily invests in the life sciences sector and drives the rapid advancement of science and technology.

(Compiled by Xu Xiaoxue)