2023 Year in Review
We shared a 2023 review with our investors as the year came to a close and wanted to share that more broadly here.
ExSight has enjoyed the opportunity and privilege to work with each founder, executive, investor, co-investor, advisor, and anyone else with whom our paths crossed last year. We take immense pride in the dedication of our startups and partners as they persist in addressing some of the most significant challenges in eye care.
ExSight Ventures is thrilled to share a few of our 2023 highlights:
DTx Pharma’s FALCON™ soared to a Novartis acquisition: DTx Pharma, an ExSight portfolio company, achieved a significant milestone on July 17, 2023, announcing its acquisition by Novartis. The success was attributed to the collaborative efforts of the DTx team, including CEO Artie Suckow, former COO and early investor Jeff Friedman, and Cam Gallagher. The acquisition marked ExSight's first liquidity event on behalf of investors, a meaningful milestone for our firm.
We added 60% to Fund 3 Including a Leading Eye Care Foundation: The additional investment will primarily fund additional investment in existing portfolio companies while providing The Glaucoma Foundation access to these innovative companies. Our shared missions focus on fostering innovation, advancing the field of ophthalmology, and improving patient care. The increased capital will enable ExSight to offer enhanced support and crucial funding to ophthalmic startups working on transformative innovations in the diagnosis and treatment of ophthalmic diseases, including glaucoma.
ExSight partner Dr. Firas Rahal co-chaired OIS XIII in San Diego and shared his expertise during the investment panel. James Murray, ExSight partner, also participated in the Spotlight on Platform Innovation panel. OIS XIII Videos
We would also like to highlight a few accomplishments from select portfolio companies in 2023:
Horizon Surgical Systems' co-founder Dr. JP Hubman, CEO of Horizon Surgical System, shared information about Polaris, a robotic platform for eye surgery at the recent OIS XIII. With a focus on cataract surgery's growing demand, Polaris aims to provide standardized outcomes. The platform integrates AI, a robotic arm, and tools, automating surgical steps with micron-level precision. The business model includes machine sales and consumables, targeting the premium cataract surgery market. Polaris seeks to reduce complications, enhance safety, and improve efficiency, projecting over $300 million in revenue five years post-launch.
Elios Vision: Dr. Sahar Bedi, a glaucoma specialist, discussed Elios's technology for treating glaucoma at OIS XIII. The technology involves a laser system that creates implant-free microchannels along the trabecular meshwork to improve aqueous flow and reduce intraocular pressure (IOP). The laser technology aims to preserve the function of the trabecular meshwork while achieving sustained IOP reduction. Dr. Bedi described the procedure, showcasing its simplicity and adaptability for both glaucoma and cataract surgeons. She presented clinical data from about 20 studies involving 2,300 eyes, showing IOP reduction ranging from 29% to 43% and medication reduction from 47% to 61%. The technology is undergoing FDA pivotal trials for both combination and standalone procedures, with an estimated launch in early 2025.
Envision Diagnostics brought a prototype instrument to several industry conferences where it was widely regarded as the future of ophthalmology. Envision aims to enhance the standards of eyecare testing, deliver more dependable patient data for ophthalmologists, and broaden access to eye care through the automation of eye testing. The fully automated instrument developed by Envision Diagnostics produces objective test results, enabling ophthalmologists to detect abnormalities with increased speed, precision, and cost-effectiveness.
ONL Therapeutics' CEO David Esposito discussed ONL’s lead compound, ONL1204, and its promise across various eye indications also at OIS XIII. In geographic atrophy (GA), a single injection demonstrated a 42% slowing of lesion growth over six months. In open-angle glaucoma, ONL1204 indicated structural and functional improvement in under 12 months. ONL Therapeutics aims to provide IOP-independent neuroprotection for glaucoma. They plan to report topline results for retinal detachment in April-May, progress to a registrational study for GA in 2024, and explore neuroenhancement in glaucoma with a potential Phase 2 study in 2025. ONL also presented at OIS @ ASRS in Seattle.
Re-Vana Therapeutics Ltd. has made many advancements as it continues to progress preclinical development of its core technologies while continuing to add talented and experienced team members. Along with these advancements in the lab, Re-Vana has also presented at several conferences this year, including OIS XIII, Eyecelerator @ AAO, and OIS @ ASRS in Seattle.
Valitor is conquering the limitations of established drug targets by leveraging its multivalent biopolymer technology to maximize benefits for patients. The company is engineering disruptive medicines that optimize how and where disease mechanisms are targeted to produce the most significant clinical impact. Valitor is initially focused on improving patient outcomes in ophthalmology and vision-threatening diseases. Valitor also shared their progress during OIS @ ASRS.
LensGen shared their 36-month data on the Juvene modular intraocular lens, presented by Dr. Garg at the 2023 ASCRS annual meeting, demonstrating the lens' long-term safety and efficacy. Monocularly implanted patients exhibited excellent distance, intermediate, and near vision, while bilateral patients achieved outstanding visual outcomes. The lens demonstrated a consistent range of vision, quality of vision, and accommodation amplitude over the three-year period. LensGen also shared their developments at other conferences including Eyecelerator @ AAO, OIS @ASRS.
Trefoil Therapeutics reported positive Phase 2 results for TTHX1114 in the treatment of Fuchs endothelial corneal dystrophy (FECD) during the ASCRS meeting. This engineered variant of Fibroblast Growth Factor-1 (FGF1) exhibited a dose-responsive improvement in visual recovery and corneal deturgescence following Descemet stripping only (DSO) surgery. Trefoil Therapeutics emphasized the regenerative potential of TTHX1114 for corneal endothelial and epithelial cells, addressing an unmet need in FECD patients and aiming to offer hope for vision restoration without corneal transplantation. David Eveleth, Founder and CEO, also presented during the Anterior Innovation Showcase at OIS XIII.
Novai continued to demonstrate how its AI-assisted DARC technology can help accelerate and de-risk clinical drug development in Geographic Atrophy, wet AMD, and Glaucoma. Founder and CEO, Dr. Francesca Cordeiro was interviewed at OIS XIII.
Thank you for being a valued member of the Exsight Ventures community. We're excited about the opportunities to collaborate in 2024 and beyond.