iVeena Awarded NEI-SBIR Grant For Progressive Myopia Drug Candidate IVMED-85

SALT LAKE CITY--(BUSINESS WIRE)--iVeena Delivery Systems Inc. (“iVeena”), a biopharmaceutical company with a developmental product in pediatric myopia is pleased to announce that Dr. Sarah Molokhia, Vice President of Research & Development for iVeena and Adjunct Assistant Professor at Department of Pharmaceutics and Pharmaceutical Chemistry at the University of Utah, was awarded a National Eye Institute Phase 1 Small Business Innovative Research (SBIR) grant of $345,000 for iVeena’s progressive myopia control drug candidate IVMED-85.

Myopia occurs if the eyeball is too long or the cornea is too curved and as a result the light entering the eye isn’t focused correctly, and distant objects look blurred. Myopia generally first occurs in school-age children and progresses as the eye grows. If high myopia develops there is a lifelong increased risk of retinal detachment, cataracts, glaucoma, and myopic macular degeneration according to the American Optometric Association. IVMED-85 is an experimental topical eye drop that is designed to be administered twice-daily to slow the progression of myopia in children.

Dr. Molokhia added that “The NIH and NEI have been extremely supportive of our topical eye drop for treatment of progressive myopia. This grant supports IND enabling activities.” NIH NEI Principal Investigator(s): Sarah Abdulla Molokhia, PhD. Project Title: Topical Eye Drops Increasing Lysyl Oxidase Activity to Control Myopia, 1R43EY034770-01.

About IVMED-85

IVMED-85 is an investigational eyedrop formulation containing copper intended for treatment of pediatric myopia. Copper ion is a cofactor for lysyl oxidase (LOX) activity, which mediates physiologic collagen crosslinking and is reduced in myopic sclera. IVMED-85 will be the first eye drop inducing both scleral and corneal crosslinking for myopia control.

About iVeena

iVeena Delivery Systems, Inc. is a privately held, clinical stage ophthalmology company developing disease-modifying pharmacologic innovations for refractive diseases. iVeena has licensed its lead asset to Glaukos Corporation, IVMED-80, an Orphan Drug Designated eye drop for keratoconus. iVeena is developing IVMED-85, a first in class, investigational eyedrop formulation for pediatric myopia where it plans to initiate a first in human clinical trial 2024.