Maculus Therapeutix welcomes Privity FZ LLE and Prepares Capital Raise for Novel Drug Delivery Platform
SANTA CLARA, CA & DUBAI, Feb 17, 2021 – (ACN Newswire) – Maculus Therapeutix, a preclinical-stage biopharmaceutical company which has developed a SINGLE injection delivery platform for diseases such as wet AMD (Age-related Macular Degeneration) and DME (Diabetic Macular Edema) instead of the standard 8-12 monthly injections, is pleased to welcome Privity FZ LLE as a partner and advisor for upcoming fundraising activities. Maculus plans to raise USD3 million with a USD8 million valuation for a 12-18 month period, including initial in-vivo animal studies and completion of in-vitro / in-vivo drug elution studies.
Maculus achieved the breakthrough using a patented novel tunable biodegradable proprietary product, MacuBloc, capable of delivering any FDA approved drugs for Wet AMD / DME to the site of the disease, with unique suitability for targeted and extended delivery of drugs to the back of the human eyes, MacuBloc offers significant benefits to Wet AMD patients: a single intravitreal injection that lasts a year rather than the current monthly injections, and a potential reduction in inflammation, infection, doctor visits and total cost of care, compared to current practice.
Syed H Askari, PhD, Founder, Chief Executive Officer and CTO of Maculus Therapeutix, said, “We are very excited to welcome Privity in developing this unique product, which can bring such transformative treatment to those suffering from wet AMD and DME. Our product is designed to solve each of the challenges while significantly reducing the total cost of care. More importantly, our product makes it possible to replace the 10 injections with ONE injection for any FDA approved drug, a leap ahead of the current standard of care.”
The approach will change the lives of 200 million patients worldwide who suffer from debilitating eye diseases. Current standards of care (8-12 monthly injections to the eyes for AMD and for DME) have numerous challenges: pain, inflammation, infection, loss of vision. Our product is designed to solve each of these challenges while significantly reducing the total cost of care. More importantly, our product makes it possible to replace the 10 injections by ONE injection for any FDA approved drug, a significant leap ahead of the current standard of care.
Sleem Hasan, Privity Founder and CEO, said, “Privity was founded to identify entrepreneurs with unique ideas and compelling value propositions, and Maculus fell right into this sweet spot, speaking straight at me as I had experienced diabetic retinopathy personally and amongst family members. Syed is a serial entrepreneur, his education and training in India, UK, Canada and the US, and professional career speak for themselves.”
About Maculus Therapeutix, Inc.
The Maculus Therapeutix team has been together in Silicon Valley for 15 years, building Medicus Biosciences Inc., a polymer-based medical device company with current operations in San Diego, CA., and developing the polymer drug delivery platform for various diseases. Our target markets include treatments for AMD and DME. Globally, the AMD market size is $10B, growing at 7% CAGR, and the DME market size is $4B, with 10% CAGR. For more information, please visit www.maculustherapeutix.com.
About Privity FZ LLE
Privity FZ LLE was founded in Dubai in 2004, an independent venture-focused advisory firm which seeks entrepreneurs with interesting and unique ideas and helps them to develop and grow. Privity is agnostic to geography and industry vertical; It focuses on the quality of the entrepreneur and the compelling value proposition of the idea. Privity draws upon its unique 4i methodology – ideas, intelligence, innovation, invention – to deliver insightful advisory and consulting services. For more information, please visit www.privitylle.com.
Syed H Askari, CEO
Maculus Therapeutix, Inc.
Sleem Hasan, CEO
Privity FZ LLE
Source: Maculus Therapeutix
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