Orasis Pharmaceuticals, a Ponte Vedra, FL-based ophthalmic pharmaceutical company, raised $78M in funding.
The amount consisted of $68M equity component, co-led by Arboretum Ventures and Johnson & Johnson Innovation – JJDC, Inc., along with participation from Catalio Capital Management, Freepoint Capital Group, and returning investors Visionary Ventures, Bluestem Capital, SBI (Japan) Innovation Fund, Sequoia Capital, and Maverick Ventures, as well as other individuals. Concurrent with its equity raise, Orasis has secured $15M in structured capital from Catalio Capital Management, of which $10M will be drawn at closing.
The company intends to use the funds to support the commercial launch of Qlosi™ (pilocarpine hydrochloride ophthalmic solution) 0.4%, a novel corrective eye drop for the treatment of presbyopia in adults.
Led by CEO Elad Kedar, Orasis Pharmaceuticals developed Qlosi, a corrective eye drop for the treatment of presbyopia in adults. Qlosi’s formulation includes the lowest effective concentration of pilocarpine approved, together with a multi-faceted vehicle, and does not contain an anti-microbial preservative. It improves near visual acuity by pupil modulation, resulting in a “pinhole effect” and an increase in the depth of field, thus increasing the ability to focus on near objects without negatively impacting distance.
The company has offices in the United States and Israel.
