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ARTICLE | Financial News

Liquidia spins out ophthalmic newco Envisia

November 13, 2013 1:04 AM UTC

Liquidia Technologies Inc. (Research Triangle Park, N.C.) spun out its ophthalmology programs into Envisia Therapeutics Inc. (Research Triangle Park, N.C.), which secured $25 million in a series A round from Canaan Partners; New Enterprise Associates; Pappas Ventures; Morningside Technology Ventures; and Wakefield Group. The disclosed investors are all existing investors in Liquidia, which in May said it planned to form a new ophthalmic company.

Envisia's lead program is ENV515, an extended-release formulation of an undisclosed prostaglandin analog in preclinical development to reduce intraocular pressure (IOP) in glaucoma patients. The newco plans to start Phase I testing by mid-2014. Envisia also has rights to Liquidia's Particle Replication in Non-Wetting Templates (PRINT) drug delivery technology, but the companies are not disclosing the terms of the license. Envisia is using the technology to develop a pipeline of small and large molecule ocular therapies. ...