Vision Innovation: Orasis Raises $78M to Fund Qlosi Eye Drop Launch
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Elad Kedar, Orasis Pharmaceuticals CEO
Orasis Pharmaceuticals, an emerging ophthalmic pharmaceutical company focused on reshaping vision possibilities, today announced the completion of a $78 million financing to support the commercial launch of Qlosi™ (pilocarpine hydrochloride ophthalmic solution) 0.4%, a novel corrective eye drop for the treatment of presbyopia in adults. The Series D financing included a $68 million equity component, co-led by Arboretum Ventures and Johnson & Johnson Innovation – JJDC, Inc., along with participation from Catalio Capital Management, Freepoint Capital Group, and returning investors—Visionary Ventures, Bluestem Capital, SBI (Japan) Innovation Fund, Sequoia Capital, and Maverick Ventures, as well as other individuals. Concurrent with its equity raise, Orasis has secured $15 million in structured capital from Catalio Capital Management, of which $10 million will be drawn at closing.
"We are proud to collaborate with leading, high-quality investors who share our dedication to reshaping vision possibilities for presbyopes seeking a break from reading glasses," said Elad Kedar, Chief Executive Officer of Orasis Pharmaceuticals. "This significant funding will allow us to successfully launch Qlosi, providing the eye care community a near-vision solution with a balance of efficacy and tolerability, using the lowest effective concentration of pilocarpine approved."1,2
"We are pleased to co-lead this financing and to join an experienced syndicate of investors whose collective support is further validation of the market potential for Qlosi," said Paul McCreadie, Managing Partner at Arboretum Ventures. "We have high confidence in the Orasis team to successfully launch Qlosi and generate a positive impact on patients' near vision."
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Orasis Pharmaceuticals
WE INVITE CONSTRUCTIVE DISRUPTION. Orasis is an emerging ophthalmic pharmaceutical company with an FDA approved prescription eye drop, QLOSI™ (pilocarpine HCl ophthalmic solution) 0.4%, for presbyopia as an alternative to reading glasses. Presbyopia is the gradual loss of your eye’s ability to focus on near objects, which begins to affect most people sometime after the age of 40 and affects more than 1.8 billion people worldwide.
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