February 5, 2025
Photo Credit: Getty Images
SALT LAKE CITY — iVeena Delivery Systems has announced the receipt of $3 million in Series B-2 financing to fast-track the development of its IVMED-85 drug for myopia.
This investment will support iVeena’s pursuit of advancing their innovative pediatric myopia program. All studies are well underway supporting a targeted Ivestigational New Drug submission in H1-2025.
In addition, the company announced that ophthalmologist Jerry Hu, MD, has been appointed to the company’s board of directors.
“We are pleased to welcome Dr. Jerry Hu to our board as an independent director,” said President and Founder, Bala Ambati, MD, PhD, MBA. “Dr. Hu is a world-renowned ophthalmologist who stands at the forefront of cutting-edge ophthalmic innovations bringing significant value to our long-term strategy.”
IVMED-85 is a daily eye drop that strengthens scleral and corneal collagen crosslinks through LOX activation, potentially leading to improved refraction and a decrease in the rate of axial elongation. IVMED-85 is expected to begin a Phase 2 clinical study in progressive myopia in 2025.
