SpyGlass Pharma secures US$75M to advance long-term glaucoma treatment

USA—SpyGlass Pharma, a biotechnology company specializing in ophthalmic treatments, has successfully closed a US$75 million Series D funding round to advance its innovative drug delivery platform designed for long-term treatment of chronic eye conditions such as glaucoma.

This significant financing will support the company as it prepares to initiate two pivotal Phase III clinical trials scheduled to begin in the second half of 2025.

The funding round was led by Sands Capital, with participation from Gilde Healthcare and existing investors including New Enterprise Associates, RA Capital, Samsara BioCapital, Vensana Capital, and Vertex Ventures HC.

Sands Capital, known for its focus on innovative growth businesses, expressed confidence in SpyGlass Pharma’s platform, highlighting its potential to set a new standard of care for glaucoma, a leading cause of irreversible blindness worldwide.

SpyGlass Pharma’s drug delivery platform is a novel intraocular lens (IOL)-based system that delivers bimatoprost, a medication used to lower intraocular pressure (IOP), continuously for up to three years.

The platform consists of a single-piece, hydrophobic acrylic IOL with two drug-eluting pads attached at the haptic junctions.

These pads are designed to release medication steadily into the aqueous humor of the eye, targeting tissues affected by glaucoma without interfering with vision.

The lens and drug pads are implanted using standard cataract surgery techniques through a small incision, making the procedure familiar and accessible to cataract surgeons.

Dr. Malik Y. Kahook, co-founder and president of SpyGlass Pharma, emphasized the paradigm shift this technology represents in treating eye diseases.

He noted that the platform has demonstrated significant and sustained intraocular pressure reduction in glaucoma patients during both the initial human feasibility trial and a Phase II multicenter, randomized clinical trial.

These trials have shown promising safety and efficacy results, with follow-up data up to 24 months expected to be presented at the American Academy of Ophthalmology meeting in October 2025.

The company has completed enrollment in a Phase I/II trial in the United States to further evaluate the safety and effectiveness of the platform in a larger patient population.

 SpyGlass Pharma is actively collaborating with the U.S. Food and Drug Administration (FDA) to advance the platform through the upcoming Phase III trials, aiming for eventual regulatory approval and commercial availability.

Patrick Mooney, CEO of SpyGlass Pharma, expressed gratitude for the strong investor support and highlighted the company’s commitment to addressing the unmet needs of ophthalmic patients through this innovative drug delivery system.

By integrating sustained drug release with routine cataract surgery, the platform offers a promising solution to improve treatment adherence and outcomes for millions of patients suffering from glaucoma and other chronic eye diseases.