iVeena's Eyedrops Specifically for Keratoconus and Myopia

iVeena Delivery Systems has announced it closed its Series B financing of $3 million to fast-track the development of IVMED-85.

This investment will support iVeena’s pursuit of advancing their innovative pediatric myopia program. All studies are well underway supporting a targeted Investigational 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.”

iVeena Delivery Systems is a clinical stage ophthalmology company focused on developing non-surgical, non-invasive pharmacologic treatments for eye diseases. 

The company's main offerings include proprietary eye drops designed to modify diseases and address unmet needs in the treatment of corneal diseases and myopic conditions. 

These products are primarily aimed at the healthcare sector, specifically targeting conditions such as keratoconus (IVMED-80, granted ODD) and myopia (IVMED-85). It was founded in 2006 and is based in Salt Lake City, Utah.

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.