iVeena Awarded $2 Million National Eye Institute Grant to Advance Novel Therapy for Pediatric Myopia

Funding will support development of a first-in-class topical eye drop designed to slow the progression of myopia in children

SALT LAKE CITY--(BUSINESS WIRE)--iVeena Delivery Systems, Inc. (“iVeena”), a clinical-stage ophthalmology company, today announced it has been awarded a $2 million Phase 2 Small Business Innovation Research (SBIR) grant from the National Eye Institute (NEI) of the National Institutes of Health (NIH). The funding will advance the development of novel topical eye drops being investigated to control pediatric myopia and other refractive disorders.

iVeena’s research is led by Sarah Molokhia, PhD, Vice President of Research & Development at iVeena and Adjunct Assistant Professor in the Department of Molecular Pharmaceutics at the University of Utah. Research supported by this grant will explore disease mechanisms and further evaluate how iVeena’s novel eye drop may slow or halt the progression of myopia in children.

Myopia affects more than 20 million^* children in the United States, and global prevalence is expected to exceed 3 billion people by 2030^**. Pediatric myopia increases the risk of serious, lifelong eye diseases including retinal detachment, myopic maculopathy, cataract, and glaucoma. Despite the magnitude of this public health issue, no FDA-approved pharmacologic therapies currently exist to slow myopia progression.

iVeena’s investigational therapy is a preservative-free prescription eye drop designed to prevent myopia progression in children. Its novel mechanism enhances corneal and scleral crosslinking, while avoiding the dilation and anticholinergic side effects associated with current off-label treatments.

“The NEI has been extremely supportive of our research, and we are very grateful for their continued partnership,” said Dr. Molokhia. “This grant allows us to advance our program and better understand how our proprietary eyedrops may transform the treatment of pediatric myopia.”

“Controlling pediatric myopia is an opportunity to meaningfully improve lifelong eye health on a global scale,” added Dr. Bala Ambati, President and Co-Founder of iVeena. “We deeply appreciate the NEI’s support in advancing this promising new therapy.”

NIH NEI Principal Investigator(s): Sarah Abdulla Molokhia, PhD. Project Title: Topical Eyedrops Increasing Lysyl Oxidase and Dopamine Activity to Control Myopia. Award number: 2R44EY034770-02

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.

About Myopia

Myopia, also known as nearsightedness, is a common eye condition where distant objects appear blurry while close objects can be seen clearly. It occurs when the eye grows too long from front to back, causing light to focus in front of the retina rather than directly on it. Myopia typically begins in childhood and tends to progress with age. If left unmanaged, it can increase the risk of serious eye complications later in life, including retinal detachment, glaucoma, and myopic macular degeneration. The global rise in myopia—particularly among children—has become a significant public health concern.

* Fortin et. al, The Myopia Management Opportunity in the United States Using the 2020 Census, ARVO Abstract 2022.

** Holden et. al, Global Prevalence of Myopia and High Myopia and Temporal Trends from 2000 through 2050. Ophthalmology 2016;123:1036-1042