PolyActiva $9.2m cash injection

PolyActiva has raised $9.2m to further the development of its polymer drug delivery technology platform.

Polymer drug delivery technology company PolyActiva has raised $9.2m from a range of investors to further the development of its technology platform.

The funding came from a consortium of investors including the Medical Research Commercialisation Fund (MRCF) and Brandon Biosciences Fund 1 (both managed by Brandon Capital), Yuuwa Capital and angel investors.

The company intends to use the funds to further the preclinical and clinical development programs of an intra-ocular implant to treat glaucoma, an intra-ocular implant to treat severe infections of the eye and an intra-articular product to treat osteoarthritis.

“The funding significantly transforms our business by providing sufficient funds to take each of our planned development programs to clinical proof of concept,” said PolyActiva CEO Dr Russell Tait.

“Once we have demonstrated significant clinical outcomes, we will seek commercial partners for these products. We are also open to any companies looking to adopt our technology for the delivery of their own drugs.”

PolyActiva was founded in 2011 as a joint venture between the CSIRO and the Bionic Ear Institute to develop drug-polymer conjugates that allow for site-specific drug delivery from medical device components.

PolyActiva’s technology enables sustained release, site-specific drug delivery from products with different physical forms, including rods, films, fibres and gels.

Once the drug has been delivered and the therapy has finished, the polymer is designed to erode, leaving no residue.

PolyActiva has demonstrated the technology in validated animal models for delivery of drugs to the posterior region of the eye.

This funding follows PolyActiva’s Series A round, which was completed in 2011, aided by the MRCF.