MPF II NEXT Makes its Debut Investment in iVeena Delivery Systems
October 13, 2021
MPF II NEXT (Fund NEXT), a $20 million fund focused on innovations in healthcare delivery and medical devices, recently announced its first investment with a financing of ophthalmology company, iVeena Delivery Systems, Inc.. iVeena is a Salt Lake City-based, clinical stage ophthalmology company that is planning Phase 2b/3 trials for its lead product, which has received orphan drug designation for a rare corneal disorder.
iVeena’s IVMED-80 is an eye drop being studied for keratoconus, an eye disease that affects the structure of the cornea, causing it to bulge outward into a cone shape and resulting in loss of vision in advanced cases. A Phase 1/2a trial demonstrated that daily use of IVMED-80 helps flatten the cornea. Based on these positive results, the company is proceeding to registration trials, the final clinical studies needed to support filing for a new drug approval (NDA) with the FDA.
iVeena is also developing a novel pharmacologic treatment for progressive myopia, a type of nearsightedness that worsens year after year and can ultimately lead to high myopia, a severe degree of nearsightedness that increases the risk of certain serious eye conditions. This product addresses a significant unmet need, as the World Health Organization estimates that without intervention 10% of the world population will suffer from high myopia by 2050.
“We have been big supporters of iVeena for years,” said Ron Heffernan, Managing Partner of Mountain Pacific Partners. “By focusing on non-surgical, non-invasive medicines that have the potential to not just treat but also modify the underlying mechanisms of eye disease, they are on the path to developing solutions that meet the needs and expectations of all healthcare stakeholders—from patients and providers to payers.”
Mountain Pacific Partners also invested in an earlier round of iVeena financing through its first fund, Mountain Pacific Venture Fund I. The current round was oversubscribed and the company is currently contemplating a corporate licensing transaction or Series B1 financing round to support later stage clinical trials for both of its products.
About iVeena
iVeena Delivery Systems, Inc. is a privately held, clinical stage ophthalmology company developing non-surgical, non-invasive, pharmacologic innovations. These novel disease modifying interventions address significant unmet needs in the treatment of corneal disease and myopic conditions.
To learn more, visit https://iveenamed.com/.
About Mountain Pacific Partners
Mountain Pacific Partners is life sciences investment firm with offices in Miami, FL and Salt Lake City, UT. Their first fund focused on supporting life sciences innovation in the Mountain West and Asia. Mountain Pacific Partners recently launched MPF II NEXT, a fund focused on transforming healthcare delivery through innovative technology and medical devices, and MPF II NOW, a fund focused on health security through reshoring of critical healthcare product manufacturing and reverse technology transfer.
To learn more, visit http://www.mountainpacificfund.com/
Read the press release here.