Visus Therapeutics cashes in €20m from LSP

Ophthalmic therapies spcialist Visus Therapeutics closed a $20m preferred stock financing, led by LSP from its LSP 6 fund, along with participation from Sage Partners of Hong Kong, Johnson & Johnson Innovation (JJDC, Inc.) and other inside investors in the Company. In conjunction with this financing, John de Koning, PhD, a General Partner at LSP, has joined the Company’s Board of Directors.

The assets will be invested to push the development of Brimochol, an investigational drug designed to be a once-daily eye drop to correct for the loss of near vision associated with presbyopia. The proprietary formulationcombines two well-studied, FDA-approved pharmaceuticals: carbachol and brimonidine. Brimochol has been studied in more than 200 patients across six clinical studies. Topline data from a Phase II clinical study are expected in the second half of 2021 and, pending affirmative results, the company plans to immediately initiate pivotal Phase III studies.

Presbyopia is the loss of near vision associated with aging, making it difficult to perform tasks like reading fine print. It typically begins when adults are in their 40s and becomes almost universal by age 50. Presbyopia impacts billions of people globally with approximately 123 million adults affected in the US alone. Reading glasses are the most common solution for near-vision correction. However, many people often find glasses inconvenient and/or prefer not to wear them for aesthetic reasons. Currently, there are no FDA-approved medications for presbyopia.