Boston, Massachusetts (PRWEB) June 14, 2017
Tisbury Pharmaceuticals, Inc., a pharmaceutical company focused on the discovery and development of first-in-class therapeutics for the treatment of glaucoma has secured $32 million Series A financing. The proceeds will be used to initiate a clinical program for the company’s proprietary glaucoma compound, R-801. The round was led by OrbiMed Israel, Clarus, and HealthCap with participation from Pontifax.
Concurrent with the financing, Marten Steen, MD, PhD, a Partner at HealthCap, will join Tisbury’s Board of Directors along with Nissim Darvish, MD, PhD, Senior Managing Director at OrbiMed Israel and Emmett Cunningham, Jr, MD, PhD, MPH, Managing Director at Clarus.
Brian Levy, OD, MSc, former Chief Medical Officer at both Bausch & Lomb and Aerie Pharmaceuticals, will serve as an independent director.
Gary Sternberg, MD, MBA, former Chief Business Officer of Eleven Biotherapeutics, was appointed Chief Executive Officer and will lead the clinical development out of the Boston office.
”We are very excited to work with Tisbury to develop first and potentially best-in-class products for the treatment of glaucoma, a major cause of blindness worldwide” said Emmett Cunningham.
“This financing from top investors is a testament to the potential of our lead compound, R-801, as a new innovative therapy for glaucoma, and to our nanoparticle drug delivery technology”, said Andrew L. Salzman, MD, Chairman and Founder of Tisbury Pharmaceuticals, Inc.
Spun out from Radikal Therapeutics Inc., a multi-national biotechnology firm focused on the discovery and development of transformative pharmaceuticals, Tisbury will focus on advancing the standard of care in glaucoma through development of novel and differentiated ophthalmic drug products.
About Tisbury Pharmaceuticals
Tisbury Pharmaceuticals is a pharmaceutical company focused on the discovery, development, and commercialization of groundbreaking therapies to treat glaucoma. The Company’s lead clinical candidate, R-801, markedly decreases intraocular pressure by increasing intraocular fluid egress through the trabecular meshwork.