Qlaris Bio Completes $24 Million Series B Financing Round to Advance QLS‑111, a First-in-class IOP-lowering Drug Candidate for Glaucoma
30 April 2024 - 1:35PM
Business Wire
Financing led by Canaan and New Leaf Venture
Partners, and includes funds managed by abrdn Inc., Correlation
Ventures, and Mayo Clinic Ventures
Qlaris Bio, Inc. (“Qlaris”), a clinical-stage biotechnology
company targeting unmet needs in debilitating ophthalmic diseases,
today announced that it has closed a $24 million Series B financing
round. Co-led by Canaan and New Leaf Venture Partners, the
financing also included new participation from funds managed by
abrdn Inc., as well as existing investors Mayo Clinic Ventures and
Correlation Ventures.
Proceeds from the financing will support the continued clinical
development of QLS‑111, a first-in-class therapeutic being
developed to lower intraocular pressure (IOP) by targeting
episcleral venous pressure (EVP). Qlaris is currently conducting
two U.S. Phase II clinical trials of QLS‑111 (Osprey and Apteryx).
The Osprey and Apteryx studies are investigating the safety,
tolerability, optimal dosing, and efficacy of QLS‑111 in patients
with open angle glaucoma (OAG) and ocular hypertension (OHT).
Additional clinical advancements, including the initiation of the
Nightingale Phase II clinical trial in normal tension glaucoma
(NTG), are anticipated by the end of 2024.
The science behind QLS‑111 originated in the lab of Dr. Michael
Fautsch, Ph.D., a Mayo Clinic professor of ophthalmology,
biochemistry, and molecular biology. The drug candidate aims to
lower IOP by relaxing vessels of vascular and vascular-like tissues
distal to the trabecular meshwork, thereby reducing distal outflow
resistance and lowering EVP. As there are currently no approved
medications that selectively target the reduction of EVP, there is
a significant gap in the potential to maximally lower IOP, as EVP
can be the largest determinant of overall IOP. Preliminary data
suggest that QLS‑111 is well-tolerated with no significant
hyperemia or safety concerns.
“We are grateful to have the support of this outstanding
syndicate of leading life science investors, which will enable the
continued development of our lead product, QLS‑111,” said Thurein
Htoo, MS, MBA, Chief Executive Officer of Qlaris. “Qlaris is
dedicated to developing new mechanisms of action that target
unaddressed parameters within IOP regulation, an area of critical
need. QLS‑111 aims to achieve this goal by fundamentally targeting
EVP to enable improved IOP control for patients with glaucoma,
including those with NTG, a condition for which there are no
currently approved therapeutics. This funding will provide Qlaris
the means to execute on our clinical strategy to develop a novel
solution to a critical unmet need.”
“Since the company’s inception, we have believed in Qlaris’
novel technology, talented leadership, and skilled team,” said
Wende Hutton, General Partner at Canaan. “We invest in companies
that partner an innovative approach with strong leadership and
accomplished scientists to successfully reach critical milestones.
Qlaris has the potential to demonstrate the importance of targeting
EVP in the ongoing QLS‑111 Phase II trials and we look forward to
the data from this innovative drug candidate.”
About Qlaris Bio, Inc.
Qlaris Bio, Inc. was founded in August 2019 with a singular
focus: to develop novel, innovative therapies with first-in-class
mechanisms of action to address serious and debilitating ophthalmic
diseases. The company’s lead program, QLS‑111, uses ATP-sensitive
potassium channel modulators that improve outflow through distal
vascular tissues of the eye to reduce IOP. Qlaris Bio’s investors
include Canaan and New Leaf Venture Partners, both of which were
co-lead investors in the company’s $25 million Series A funding
round in August 2019. Other investors include Correlation Ventures,
Mayo Clinic, and funds managed by abrdn Inc. For more information,
please visit qlaris.bio.
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Michele Gray michele@mgraycommunications.com (917) 449-9250