Led · Seed · Feb 2018

Ocunova Inc. is an ophthalmic drug development company spun out of the Penn State College of Medicine. Its lead compound, OCU-001, is described as a rapid-acting, safe-to-use treatment targeting the underlying cause of diabetic Dry Eye Syndrome (DES). The company plans to use newly invested capital to advance development and conduct clinical trials of OCU-001. A joint investment of $500,000 was made by the Life Sciences Greenhouse of Central Pennsylvania and Ben Franklin Technology Partners/CNP to support these efforts. The article highlights the unmet need—up to 50% of patients with diabetes may have DES and more than three million U.S. diabetic patients experience chronic dry eye—and notes there are no treatments approved specifically for diabetic DES. Ocunova was founded by local entrepreneurs based on Penn State research and is positioning OCU-001 as a novel approach compared with temporary over-the-counter drops or existing anti-inflammatory prescriptions that have delayed onset and side effects.

Participated · Series A · Mar 2013

MacuLogix provides eye care professionals with the AdaptDx dark adaptometer to detect, monitor and treat age-related macular degeneration (AMD). Its flagship AdaptDx device can detect functional changes up to three years before AMD is visible clinically. The company also offers in-practice training and treatment best practices to support implementation and optimization of the AdaptDx. MacuLogix intends to use new funding to accelerate domestic and international sales through expansion of workforce and infrastructure. To date the company has raised a total of $51M in venture funding plus $10M in venture debt. The company is led by William D. McPhee, President and CEO, and Gregory R. Jackson, Ph.D., Chief Technology Officer. MacuLogix develops the AdaptDx automated dark adaptometer for eye care professionals to measure retinal function and accurately diagnose AMD. The company is led by President and CEO William D. McPhee. It is backed by investors including Roche Ventures, Fisk Ventures and Life Sciences Greenhouse of Central Pennsylvania. MacuLogix secured a $10M financing package in 2018 to support operations. Proceeds from the financing will be used for general working capital purposes. The company operates in the optometry and ophthalmology market from Middletown, PA. MacuLogix develops the AdaptDx, an automated dark adaptometer that measures dark adaptation to detect age-related macular degeneration (AMD) before vision loss. The AdaptDx is designed to enable eye care professionals to diagnose, monitor and treat AMD well before vision loss occurs by measuring a patient’s recovery of vision when going from daylight to darkness. The company says the technology can detect, monitor and treat AMD three years before it can be seen clinically and provides in-practice training and treatment best practices to support implementation and optimization. AMD affects more than 14 million Americans, and MacuLogix positions the AdaptDx as a tool to catch disease earlier when lifestyle changes and interventions may slow progression. Financially, the Life Sciences Greenhouse of Central Pennsylvania (LSGPA) has invested more than $2 million in the Middletown-based firm, including an additional $500,000 announced in the latest syndicate investment. LSGPA said the further investment reflects confidence from its co-investors and supports MacuLogix’s prospects for growth and job creation in central Pennsylvania. Maculogix has developed the AdaptDx device, a diagnostic tool that measures dark adaptation to detect age-related macular degeneration, retinitis pigmentosa and other macular diseases. The device is on the market and has received FDA 510(k) clearance. The test measures how the eye recovers after a mild photobleach, analogous to a cardiac stress test for vision. The company says the metric is useful for detecting early disease and tracking progression before patients notice symptoms. Maculogix has raised capital over time and, per SEC filings, has raised about $11.5 million since 2011. The company is based in Pennsylvania. The article notes the recent funding may be used to further market the already-approved device. MacuLogix develops AdaptDx™, a diagnostic tool intended for early detection and tracking of age-related macular degeneration (AMD). AdaptDx measures dark adaptation function and has received FDA 510(k) clearance for that measurement. Patient testing has been completed to support validation of AdaptDx as a diagnostic, though it is not currently cleared for sale as a diagnostic. The company plans to use new funding to accelerate manufacturing and commercial sales of AdaptDx to enable earlier intervention to prevent vision loss and improve quality of life. MacuLogix is based in Hummelstown, Pennsylvania and is led by CEO John G. Edwards. It recently completed a Series A financing to support these efforts.