LOOKING BACK: OIS XIII
The most recent installment of the Ophthalmology Innovation Showcase (OIS XIII) in San Diego put a spotlight on the remarkable breakthroughs occurring in ophthalmology that are poised to redefine eye care. ExSight Ventures co-founder Dr. Firas Rahhal co-chaired while James Murray participated in a panel discussion. ExSight Ventures portfolio companies featured prominently as well. Let's jump into key highlights from the meeting.
Panel Discussions
Investor Panel Discussion with Firas Rahhal
A candid panel discussion unfolded, featuring industry investors grappling with challenges in healthcare venture funding amid a demanding financial climate. Emphasizing the importance of addressing unmet medical needs, the panelists expressed optimism about the opportunities in ophthalmology. Topics ranged from drug delivery and optogenetics to regenerative medicine, reflecting the dynamic nature of the field. However, the need for more strategic involvement in early-stage funding emerged as a common theme to navigate risks and propel asset development. The conversation briefly touched on the evolving role of corporates in the venture ecosystem.
Platform Innovation Spotlight Including James Murray and David Esposito from ONL Therapeutics
A riveting panel discussion unfolded, featuring the diverse backgrounds and paths of three CEOs leading clinical-stage companies: ONL Therapeutics, Collagen Matrix, and Oculus Innovative Sciences. The conversation illuminated the evolution of each company's focus and strategy, underlining the challenges and decisions integral to presenting opportunities to investors. James Murray, representing the investor perspective, emphasized how platform development impacts investment decisions, stressing the significance of innovative science, focus, and proof of concept.
A View From the Street Moderated by Pravin Dugel, MD
The conference concluded on a comprehensive note with Pravin Dugel, MD, moderating a discussion on the prevailing dynamics of the biotech industry. Panelists shared perspectives on the industry's current state, addressing both optimistic and challenging aspects. Cautious optimism prevailed, acknowledging potential signs of recovery while recognizing challenges, particularly for small-cap companies navigating funding uncertainties. The discourse extended to macroeconomic factors impacting the biotech sector, emphasizing the need for strategic planning, efficient capital utilization, and robust relationships with investors and strategic partners to foster growth and sustainability in this dynamic industry.
Spotlight on Glaucoma: Elios Vision | Sahar Bedrood, MD
Dr. Sahar Bedrood, a distinguished glaucoma specialist, took center stage to introduce a groundbreaking technology poised to revolutionize glaucoma treatment. Representing Elios Vision, Dr. Bedrood unveiled a laser system designed to create implant-free microchannels along the trabecular meshwork. The primary goal is to enhance aqueous flow and reduce intraocular pressure (IOP). Notably, Dr. Bedrood highlighted the prevalence of glaucoma and envisioned a harmonious combination of glaucoma treatment with cataract surgery.
The laser technology, showcased for its simplicity and adaptability, aims to preserve the trabecular meshwork's function while ensuring sustained IOP reduction. Clinical data from an impressive 20 studies involving 2,300 eyes underscored the technology's efficacy, revealing IOP reduction ranging from 29% to 43% and a substantial decrease in medication usage (47% to 61%). With FDA pivotal trials underway for both combination and standalone procedures, Elios Vision anticipates a groundbreaking launch in early 2025. CE Mark approval in Europe and ongoing randomized controlled studies further attest to the technology's promise. Dr. Bedrood expressed palpable excitement about the potential of laser technologies in glaucoma treatment and eagerly anticipated further developments.
Anterior Innovation Showcase
Trefoil Therapeutics - David Eveleth, Founder and CEO
David Eveleth, the visionary behind Trefoil Therapeutics, took the spotlight to discuss the company's focus on developing therapies for corneal disease, specifically addressing persistent corneal edema post-cataract surgery. Shedding light on the prevalence of this condition and its impact on patient satisfaction, Eveleth outlined the potential market size. The lead compound, TTHX 1114, a modified FGF-1, showed promising efficacy in accelerating edema resolution and improving vision, supported by robust clinical data. With a series B round in the pipeline, Trefoil aims to address unmet medical needs in corneal disease.
Horizon Surgical Systems - Jean-Pierre Hubschman, MD, Founder & CEO
JP Hubman, CEO of Horizon Surgical System, shared insights into Polaris, a revolutionary robotic platform for eye surgery. Recognizing the growing demand for cataract surgery, Polaris seeks to provide standardized outcomes by integrating AI, a robotic arm, and precision tools. The innovative business model, including machine sales and consumables, targets the premium cataract surgery market. The ambitious vision involves deploying platforms per room, enabling a surgeon to supervise multiple rooms for enhanced throughput. Projections hint at over $300 million in revenue five years post-launch, emphasizing Polaris's potential to reduce complications, enhance safety, and improve efficiency.
Retina Innovation Showcase: Re-Vana Therapeutics - Patrick Ruane, PhD, COO
Re-Vana Therapeutics emerged as a frontrunner in developing implants for the controlled and sustained release of biologics over extended periods. The technology, utilizing photocrosslink biodegradable polymer systems, encapsulates and releases large molecules in a first-order manner. Success in bench and animal models, coupled with strategic partnerships with major pharmaceutical companies, positions Re-Vana as a promising player in the biotech arena. The team, backed by renowned experts, closed a successful series A round in 2022 and is gearing up for a series B in 2024.
Spotlight on Platform Innovation: ONL Therapeutics | David Esposito, President & CEO
David Esposito unfolded the story of ONL Therapeutics, placing the spotlight on their lead compound, OnL 1204. Demonstrating promise across various eye indications, the compound showcased a 42% slowing of lesion growth over six months in geographic atrophy (GA). In open-angle glaucoma, structural and functional improvement within 12 months indicated the potential for IOP-independent neuroprotection. ONL Therapeutics plans 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. The company envisions a $100 million Series D round in 2024.
Innovation Showcase: Novai - Francesca Cordeiro, MD, PhD, Founder & CSO
The story of Novai, founded in 2020, resonated with the quest for detecting aging-related diseases like macular degeneration and glaucoma before significant vision loss occurs. The introduction of the "dark molecule," an annexin FL with a fluorescent tag, showcased Novai's unique approach. Administered intravenously, it reveals fluorescent spots in the eye, enabling early intervention, treatment response assessment, and predicting disease progression. Novai, actively seeking funding, aspires to be a surrogate endpoint, integrating as a clinical decision support tool and ultimately serving as a screening tool in the estimated $6.6 billion market.