The Israel-based company develops eye drops intended to alleviate farsightedness caused by aging
Clinical-stage eye drop company Orasis Pharmaceuticals Ltd. has raised $13 million in series B, the company announced Tuesday.
The round was led by California-based ophthalmology-focused Visionary Ventures, with participation from investors including from Sequoia Capital, SBI Japan-Israel Innovation Ventures, and New York-based LifeSci Venture Partners. Following the investment, Visionary Ventures' Jeffry Weinhuff and SBI's Masafuyu Tanaka will join Orasis' board of directors.
Privately-held Orasis develops an eye drop treatment for symptoms of presbyopia, the loss of the ability to focus on close objects due to loss of lens elasticity, mostly as a result of aging. In addition to creating problems with performing tasks such as reading, farsightedness can also strain the eyes and cause headaches. Founded in 2015 by a team of ophthalmology and optometry researchers, Orasis is based in Herzliya, a northern suburb of Tel Aviv.
The company states its eye drops have the potential to eliminate the need for reading glasses in patients with presbyopia.