iVeena Secures $3 Million in Series B-2 Financing to Accelerate Development of IVMED-85 for Myopia

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SALT LAKE CITY--(BUSINESS WIRE)--Feb 5, 2025--

iVeena Delivery Systems Inc. (“iVeena”), a biopharmaceutical company advancing IVMED-85 for the treatment of pediatric myopia, today announced that it has closed its fully subscribed Series B-2 financing of $3 million.

This investment will support iVeena’s pursuit of advancing their innovative pediatric myopia program. All IND-enabling studies are well underway supporting a targeted IND submission in H1-2025.

“We are pleased to welcome Dr. Jerry Hu to our Board as an independent director,” said President and Founder, Bala Ambati, M.D., Ph.D., 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.”

About IVMED-85

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.

About iVeena

iVeena Delivery Systems, Inc. is a privately held, clinical stage ophthalmology company developing disease-modifying pharmacologic innovations for refractive diseases. iVeena has licensed its lead asset to Glaukos Corporation, IVMED-80, an Orphan Drug Designated eye drop for keratoconus. iVeena is developing IVMED-85, a first in class, investigational eyedrop formulation for pediatric myopia.

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CONTACT: Corporate Contact:

Michael Burr, MS, MBA

Vice President of Product Development

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA UTAH

INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL OPTICAL HEALTH

SOURCE: iVeena Delivery Systems, Inc.

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PUB: 02/05/2025 06:00 AM/DISC: 02/05/2025 06:01 AM

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