Oraya Therapeutics, Inc announced that it has raised $42 million in Series C financing. Oraya will use the financing to expand its clinical trials with two independent international studies to support worldwide regulatory approval and commercial efforts for its treatment of wet age-related macular degeneration (AMD). Scale Venture Partners and Domain Associates led the round; current investors Essex Woodlands Health Ventures and Synergy Life Partners also participated. Mark Brooks, a Managing Director with ScaleVP, and Brian Halak, a Partner with Domain Associates, have joined the board.
“We are very pleased to welcome Mark and Brian to the board at a critical stage for the company,” said Michael Gertner, M.D., founder and CEO of Oraya. “We believe our approach to treating AMD will result in a paradigm shift, and are seeing encouraging data from our current trials. We are eager to continue trials of the IRay system both in the US and internationally.”
The IRay system is designed to deliver a highly localized dose of low-energy XRay radiation to the macula quickly with a highly automated system. This first-inclass system is customized for the disease and physician segment and as a result, can be placed in almost any medical setting.
“Age-related macular degeneration is a leading cause of vision loss in Americans 60 years and older, and current solutions are difficult to endure for patients who need treatment,” said Brooks. “Oraya has developed a promising and easy-toadminister solution, and the data from the IRay system trials are very encouraging. I’m looking forward to working closely with Michael and the team to help move the product through trials in a timely way and into the market.” “Oraya’s novel treatment for AMD has the potential to provide significant benefits to patients, physicians, and payors,” said Halak. “I look forward to working with the Company to help it realize this potential.”