SAN DIEGO– Sydnexis, Inc., a clinical stage biopharmaceutical company with a proprietary formulation of low dose atropine for the treatment of progressive myopia, today announced the completion of a $45 million Series B financing led by Visionary Ventures, Blue Stem Capital, and SC Master Fund, with participation from existing investors RA Capital Management, Longitude Capital, and Medicxi. The financing will be used to fund Sydnexis’ lead candidate, SYD-101, through completion of the fully enrolled pivotal Phase 3 STAAR study for the treatment of progressive myopia in children.
Sydnexis’ STAAR study is the largest pediatric myopia study globally to investigate the use of low dose atropine to retard progressive myopia. In this study, Sydnexis is evaluating two different concentrations of its proprietary atropine formulation SYD-101 (0.01% and 0.03%) versus a placebo control group. SYD-101 is designed to be a best-in-class product with maximum efficacy, comfort and 3-year stability at room temperature, all important product attributes when developing drugs for use in children.
Progressive myopia in children is a significant global unmet need and the disease has been linked to several sight-threatening ophthalmologic comorbidities later in life. In the United States, recent estimates suggest over 40% of the population had a diagnosis of myopia. Extensive epidemiologic studies show the greater the degree of myopia, the greater the risk for bilateral low vision, blindness, and many chronic eye diseases. The goal of treating children with progressive myopia is to lower the risk for these serious eye diseases as well as improve their quality of life. There are currently no approved drugs to treat this disease.
Kenneth J. Widder, MD, Sydnexis Chief Executive Officer, reiterated, “We are committed to developing a highly differentiated myopia therapy for pediatric progressive myopia where there is an acute need for a safe and efficacious treatment. We are excited by the investment from top-tier venture groups as it validates the company’s technology and strategy to pursue SYD-101, which has the potential to be the best-in-class therapy for myopia.”
In conjunction with the financing, Jeffry Weinhuff, Managing Partner, Visionary Ventures, Richard L. Lindstrom, MD, Tyler Stowater, Partner, Bluestem Capital, and Gregory Grunberg, MD, Managing Director, Longitude Capital will join the company’s board alongside existing directors Zach Scheiner, PhD, Principal, RA Capital Management, and Kenneth J Widder, MD Chairman and CEO.
“I am very excited about joining the Sydnexis board to help bring SYD-101 to approval”, stated Richard L. Lindstrom, MD. “Progressive myopia treatment is a significant unmet medical need and if untreated can lead to severe loss of vision. Sydnexis will complete the largest clinical trial to date using low dose atropine and has designed SYD-101 to have favorable attributes that maximize patient outcomes, including enhanced comfort on installation and improved stability and shelf life.”
Jeffry Weinhuff, Managing Partner at Visionary Ventures stated “This is an exciting opportunity driven by a drug with a proven mechanism of action, a large unserved patient population, and a results-oriented team. We are thrilled to partner with the Sydnexis team as they work to bring SYD-101 to children in need.” (IANS)
