Israeli Startup Revitalvision
Orasis Pharmaceuticals is an Israeli startup and an emerging ophthalmic pharmaceutical company focused on reshaping vision possibilities. The company deals specifically with the treatment of presbyopia – the difficulty seeing things close up as we age. The firm closed a $78 million round of 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. 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.
Presbyopia is a common eye condition that occurs as people age. It causes blurry vision when reading or doing other activities that require focusing on objects up close. This happens because the lens in the eye becomes less flexible over time, making it harder to focus on objects that are near.
Treatment for presbyopia typically involves wearing reading glasses or bifocals. These glasses have two different lenses: one for distance vision and one for near vision. In some cases, contact lenses or laser surgery may also be used to correct presbyopia.
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Qlosi™ (pilocarpine hydrochloride ophthalmic solution) 0.4% is a novel corrective eye drop indicated for the treatment of presbyopia in adults. Qlosi’s formulation includes the lowest effective concentration of pilocarpine approved, together with a multi-faceted vehicle, and does not contain an anti-microbial preservative. Qlosi was designed to achieve a balance between efficacy, safety, and comfort. Qlosi improves near visual acuity by pupil modulation, resulting in a “pinhole effect” and an increase in the depth of field, thus increasing the ability to focus on near objects without negatively impacting distance.
Founded in 2015, Orasis is led by a collaborative team of industry executives and eye care professionals with a broad range of experiences in research, development, and commercialization of pharmaceutical drugs, as well as finance and business development. Orasis is funded by a diverse group of sophisticated and experienced life science and healthcare investors. Orasis has offices in the United States and Israel.
“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.”
