Orasis Pharmaceuticals Completes $78 Million Financing to Support Commercial Launch of Qlosi™ (pilocarpine hydrochloride ophthalmic solution) 0.4%

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Oct 08, 2024, 08:00 ET

$68 Million Series D Financing Co-led by Arboretum Ventures and Johnson & Johnson Innovation – JJDC, Inc.

Secured $15 Million in Structured Capital from Catalio Capital Management, with $10M Drawn at Closing

PONTE VEDRA, Fla., Oct. 8, 2024 /PRNewswire/ -- Orasis Pharmaceuticals, an emerging ophthalmic pharmaceutical company focused on reshaping vision possibilities, today announced the completion of a $78 million financing to support the commercial launch of Qlosi™ (pilocarpine hydrochloride ophthalmic solution) 0.4%, a novel corrective eye drop for the treatment of presbyopia in adults. The Series D financing included a $68 million equity component, co-led by Arboretum Ventures and Johnson & Johnson Innovation – JJDC, Inc., along with participation from Catalio Capital Management, Freepoint Capital Group, and returning investors—Visionary Ventures, Bluestem Capital, SBI (Japan) Innovation Fund, Sequoia Capital, and Maverick Ventures, as well as other individuals. Concurrent with its equity raise, Orasis has secured $15 million in structured capital from Catalio Capital Management, of which $10 million will be drawn at closing.

"We are proud to collaborate with leading, high-quality investors who share our dedication to reshaping vision possibilities for presbyopes seeking a break from reading glasses," said Elad Kedar, Chief Executive Officer of Orasis Pharmaceuticals. "This significant funding will allow us to successfully launch Qlosi, providing the eye care community a near-vision solution with a balance of efficacy and tolerability, using the lowest effective concentration of pilocarpine approved."^1,2

"We are pleased to co-lead this financing and to join an experienced syndicate of investors whose collective support is further validation of the market potential for Qlosi," said Paul McCreadie, Managing Partner at Arboretum Ventures. "We have high confidence in the Orasis team to successfully launch Qlosi and generate a positive impact on patients' near vision."

For more information about Qlosi and Full Prescribing Information, visit www.Qlosi.com.

About Orasis Pharmaceuticals
Orasis Pharmaceuticals developed Qlosi, a corrective eye drop for the treatment of presbyopia in adults. Orasis is led by a collaborative team of industry executives and eye care professionals with a broad range of experiences in research, development, and commercialization of pharmaceutical drugs, as well as finance and business development. Orasis is funded by a diverse group of sophisticated and experienced life science and healthcare investors. Orasis has offices in the United States and Israel. For more information, visit www.orasis-pharma.com and follow us on LinkedIn and X.

About Qlosi
Qlosi™ (pilocarpine hydrochloride ophthalmic solution) 0.4% is a novel corrective eye drop indicated for the treatment of presbyopia in adults. Qlosi's formulation includes the lowest effective concentration of pilocarpine approved,^1,2 together with a multi-faceted vehicle, and does not contain an anti-microbial preservative. Qlosi was designed to achieve a balance between efficacy, safety, and comfort.³ Qlosi improves near visual acuity by pupil modulation, resulting in a "pinhole effect" and an increase in the depth of field, thus increasing the ability to focus on near objects without negatively impacting distance.

About Arboretum Ventures
Arboretum Ventures, LLC ("Arboretum") is a venture capital firm, founded in 2002, specializing in the healthcare sector. The firm has raised $1 billion in capital across its funds with its most recent Fund VI closing in 2023 at $268 million. Arboretum focuses on capital‐efficient investment opportunities in medical devices, life science tools & diagnostics, tech‐enabled care delivery, and pharma adjacencies. Arboretum's guiding vision is to identify transformative healthcare companies developing novel solutions to significant healthcare issues that simultaneously reduce cost and improve outcomes. For information, visit www.arboretumvc.com.

Qlosi Indication and Important Safety Information

Indication
Qlosi™ (pilocarpine hydrochloride ophthalmic solution) 0.4%, for topical ophthalmic use is a cholinergic agonist indicated for the treatment of presbyopia in adults.

Important Safety Information

CONTRAINDICATIONS

Hypersensitivity

WARNINGS AND PRECAUTIONS

Advise patients to not drive or operate machinery if vision is not clear (e.g., blurred vision). Exercise caution in night driving and other hazardous occupations in poor illumination.
Rare cases of retinal detachment have been reported with miotics. Examination of the retina is advised in all patients prior to initiation of therapy. Advise patients to seek immediate medical care with sudden onset of flashes of lights, floaters, or vision loss.
Qlosi is not recommended to be used when iritis is present.
Qlosi should not be administered while wearing contact lenses. Remove lenses prior to the installation of Qlosi and wait 10 minutes before reinsertion.
Avoid touching the tip of the vial to the eye or any other surface.

ADVERSE REACTIONS

The most common adverse reactions (5% to 8%) are instillation site pain and headaches.

You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1-800-FDA-1088.

Media Contact:
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412-327-9499

References:

¹ Qlosi™ (pilocarpine hydrochloride ophthalmic solution) 0.4%. Prescribing Information. Orasis Pharmaceuticals; 2023.
² U.S. Food and Drug Administration. Orange Book: Approved Drug Products with Therapeutic Equivalence Evaluations. Accessed September 26, 2024. https://www.accessdata.fda.gov/scripts/cder/ob/index.cfm.
³ Holland E, Karpecki P, Fingeret M, et al. Efficacy and Safety of CSF-1 (0.4% Pilocarpine Hydrochloride) in Presbyopia: Pooled Results of the NEAR Phase 3 Randomized, Clinical Trials. Clinical Therapeutics. 2024;46(2):104-113.

SOURCE Orasis Pharmaceuticals