Oculis: Vision for a Paradigm Shift in Ophthalmology Delivery
One Drop to Heal them All: A Perspective from Lionel Carnot
By Lionel Carnot, Partner at Earlybird Health
Over the last decades, the rising prevalence in eye conditions in a growing geriatric population has been the primary driver of the ophthalmology therapeutics market, addressing debilitating eye diseases – which untreated, can not only result in visual impairment but also lead to irreversible blindness.
While a specialist market, the ophthalmic drug development space includes both specialized biotech and traditional pharma on a mission to develop blockbuster drugs in key indications such as age-related macular degeneration (AMD) and diabetic macular edema (DME). However, current available treatments and discovery pipelines are lagging in innovation.
DME therapies are invasive, delivered either through intravitreal injections (procedure placing medication directly into the space in the back of the eye) or implants. Injections require complex regimens and demand long-term monthly clinic visits. These therapeutic approaches have been associated with non-compliance and low adherence, resulting in less favorable outcomes. Advancement in drug delivery modalities has produced the next generation of therapeutic interventions in topical treatments. These therapies are possible for certain indications, with demonstrated improvement in outcome observed under strong adherence to prescription guidelines.
This highlights the need for considerable advancements that can deliver more scalable and effective medical solutions.
Enter Oculis
Oculis, a clinical stage biopharmaceutical company within the Earlybird Health portfolio, is developing the next generation of topical (applied directly to the body) ophthalmic therapeutics with a novel formulation technology that facilitates drug absorption to both anterior and posterior parts of the eye via its solubilizing nanoparticle (SNP) formulation platform. The new formulation allows treatment via a simple topical application (eye drop) that ensures enhanced bioavailability in the relevant eye tissues.
Compelling Tech and Leadership
From my perspective as an Earlybird partner and seasoned investor with experience across the healthcare industry, the added value of a VC partnership goes significantly beyond solely providing financing. As an investment partner, Earlybird contributes expertise towards building a strong management team and attracting the right syndicate partners to support the company’s strategic growth. I’ve followed and accompanied Oculis’ growth for years; its compelling technology and early clinical data drove the decision for Earlybird to participate in the follow-on Series B investment round in 2020. I saw a significant opportunity for Oculis to become the next transformative innovation– filling an urgent and clear need in the ophthalmology space.
Oculis, originally founded in Iceland in 2003 by leading diabetic eye disease physician, Dr. Einar Stefánsson (Dean of the Faculty of Medicine at the University of Iceland, Professor and Chair of the Department of Ophthalmology at the National University Hospital Iceland) and leading cyclodextrin scientist Dr. Thorsteinn Loftsson (Professor of Physical Pharmacy, University of Iceland) was later reincorporated in Lausanne, Switzerland in 2017. Since the Series B in 2017, Oculis has been led by its CEO Dr. Riad Sherif and CSO Dr. Sabri Markabi, both former senior executives at Alcon, the former eye-care division of Novartis.
First-in-Class Products
Oculis’ most advanced product candidate is OCS-01, a Dexamethasone Cyclodextrin Nanoparticle ophthalmic suspension addressing DME as the primary indication, for which the company has recently successfully completed a Phase IIb study. In DME, OCS-01 is improving compliance and thus outcomes due to its lack of invasiveness and at-home “topical” nature. Furthermore, OCS-01 is also being developed for the treatment of post-operative cataract inflammation (POCI) with an FDA Phase II study completed in 2020. In this indication, OCS-01 will bring down the number of required daily doses. This reduces the burden of the standard medication administration, thus improving compliance and outcomes.
Oculis’ second asset, OCS-02, is currently in Phase II. This is a first-in-class anti-TNFα antibody in-licenced from Novartis, and based on a proprietary single-chain antibody fragment technology designed for topical delivery. This drug represents a therapeutic alternative to steroid-based treatments for inflammatory conditions of the anterior segment of the eye, including Uveitis and dry-eye-disease (DED).
Strong Syndicates
Following the investment, I was involved in establishing the company’s corporate headquarters in Switzerland to attract experienced talent, helping strengthen the core management team, and supporting the company in building a strong investor syndicate. This included Novartis Venture Fund, Tekla, Pivotal BioVenture and Bay City Capital, and more recently BVCF Management and Hyfinity Investment to co-lead an oversubscribed Series C round. ( See below 👀 )
This strong syndicate combination of leading life science investors from the US, China and Europe will propel Oculis on its path towards delivering key clinical goals in the near-term. As of today, Oculis is preparing to start enrolling several Phase III trials for OCS-01 and Phase II trials for OCS-02.
Reach out
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