LayerBio Awarded $3M From U.S. Department of Defense (DoD) to Advance OcuRing™ for Cataract Surgery
LEXINGTON, Mass. - July 1, 2020 - (Newswire.com)
OcuRing™ is a novel sustained-release technology designed to deliver therapies to cataract surgery patients, potentially eliminating the need for postoperative topical drops. The drug eluting device is attached to an intraocular lens (IOL) for implantation during cataract surgery. Because of its unique elastomeric properties, the OcuRing™ can be attached to most standard one-piece or three-piece IOLs and inserted into the eye using the standard injector systems without modification of surgical technique. OcuRing™ is a modular platform with the capacity to deliver multiple medications from the same IOL. LayerBio is developing OcuRing™ formulations for drugs used to prevent complications of cataract surgery, including corticosteroids and NSAIDs.
“Cataract surgeons have been anxiously awaiting the day when we could offer our patients a highly effective alternative to traditional eye drops. While patients usually sail through cataract surgery, they are quick to complain about the cost, discomfort, waste, inconvenience, and frequency of using drops for a month or two following their operation,” commented Robert H. Osher, M.D., a pioneer and innovator in the field of modern cataract surgery. “It is with great excitement that we anticipate the development of a sustained drug delivery system which can be implanted at the time of surgery to safely deliver an optimal regimen of medication, which the patient and surgeon will likely prefer,” added Dr. Osher.
LayerBio today announced receipt of a $3 million Technology/Therapeutic Development Award (TTDA) from the U.S. Department of Defense (DoD) through the Congressionally Directed Medical Research Programs (CDMRP). This funding will support advancement of its lead OcuRing™ product for cataract surgery. This DoD award adds to the previous $5 million in non-dilutive funding that LayerBio has raised through Small Business Innovation Research (SBIR) grants from the National Institutes of Health (NIH) and National Science Foundations (NSF) and sponsored research collaborations with industry partners.
“We’re excited to receive this important award from the DoD to advance OcuRing™ development,” commented Ken Mandell, MD, PhD, LayerBio’s founder and CEO. “LayerBio is committed to developing this innovative technology with the goal of enhancing surgical outcomes and patient satisfaction. We are honored to have the DoD support this important project.”
About LayerBio: LayerBio, Inc. is clinical-stage biotechnology company developing innovative therapies to address unmet needs in the field of ophthalmology and other therapeutic areas. LayerBio was founded as a spinoff of Massachusetts Institute of Technology (MIT) based on drug delivery technology developed in the laboratory of LayerBio’s co-founder Dr. Paula Hammond, David H. Koch Professor in Engineering and Head of the Department of Chemical Engineering at MIT. More information about LayerBio is available at www.layerbio.com.
About Robert H. Osher: Robert H. Osher, M.D., is Professor of Ophthalmology, University of Cincinnati College of Medicine, Medical Director Emeritus, Cincinnati Eye Institute. Dr. Osher has been awarded the Binkhorst Medal and Innovator’s Award by the American Society of Cataract and Refractive Surgeons (ASCRS) and the Lifetime Achievement Award and Kelman Award by the American Academy of Ophthalmology (AAO).
Press Release Service by Newswire.com
Original Source: LayerBio Awarded $3M From U.S. Department of Defense (DoD) to Advance OcuRing™ for Cataract Surgery