MacuCLEAR, Inc. Raises More Than $1M in Financing and Enters into Strategic Pacific Rim Partnership
PLANO, Texas, Jan. 3, 2012 /PRNewswire/ — MacuCLEAR, Inc., a specialty clinical stage pharmaceutical company focused on discovering and developing novel solutions for vascular disorders of the eye, today announced it has secured more than $1M in funds from current investors. The funds will be used to complete a pivotal, Phase 3a human efficacy trial for its lead product, MC-1101. Concurrently, MacuCLEAR has also entered into a strategic partnership with a Pacific Rim pharmaceutical partner and investor to finance clinical costs, bridging studies and regulatory development for MC-1101 in the territory.
MC-1101 is a proprietary, topically administered eye drop drug for treating and stopping the progression of age-related macular degeneration (AMD) from the early-stage (Dry AMD) to the late-stage (Wet AMD) by increasing ocular blood flow in the choroidal vessels.
“This recent financing and partnership are significant steps forward for MacuCLEAR,” commented MacuCLEAR president and CEO, Phillip G. Ralston. “MC-1101 is on track to pioneering the first treatment for Dry AMD in both the U.S. and the Pacific Rim. Its unique therapeutic approach, which targets the reduced blood flow that occurs in all AMD patients, has significant advantages over treatments currently on the market and in development.”
MacuCLEAR has an active IND for MC-1101 and has completed a successful Phase Ib/proof of concept human clinical trial which showed that this drug is not only safe and well tolerated by study subjects, MC-1101 eye drops also migrate to the back of the eye through proven pathways and provide unique and effective treatment for AMD at the source of the problem by increasing blood flow in the back of the retina. MC-1101 is also currently undergoing a nine-month chronic ocular tissue toxicity study in animals, which began in August 2011.
Mr. Ralston will be available for meetings with potential investors and partners to further discuss company updates during the JP Morgan Healthcare Conference 2012 being held in San Francisco, CA, January 9-12, 2012.
About MacuCLEAR, Inc.
MacuCLEAR, Inc. is a clinical-stage specialty pharmaceutical company focused on developing innovative treatments for vascular and retinal diseases of the eye. Its lead compound MC-1101 is a novel, topically delivered eye drop drug for treating and stopping the progression of age-related macular degeneration (AMD) from the early-stage (Dry AMD) to the late-stage (Wet AMD) by improving ocular blood flow.
The active ingredient of MC-1101 has been previously approved by the FDA as an oral antihypertensive drug. MC-1101 has been granted 505 (b) 2 status and has formal Fast Track designation by the FDA. In addition to MC-1101, MacuCLEAR’s portfolio includes 11 compounds that are being developed for diabetic retinopathy, second-generation treatment for AMD and other vascular diseases of the eye.
George C.Y. Chiou, Ph.D., who led the development of Timolol, a pioneering treatment for glaucoma, invented this technology at Texas A&M University.
Founded in 2006, MacuCLEAR is a privately held Plano, TX-based company. For additional information, please visit www.macuclear.com.
About Age-Related Macular Degeneration
AMD is the leading cause for blindness in the world in people 50 and older. Dry AMD afflicts 90 percent of AMD sufferers and currently has no approved drug treatments.
SOURCE MacuCLEAR, Inc.