Oyster Point Pharma said that it has raised $93 million in a Series B financing round and will use the proceeds for continued development of its OC-01 and OC-02 nicotine acetylcholine receptor (nAChR) agonist nasal sprays for the treatment of dry eye disease.
In October 2018, Oyster Point announced that Phase 2b studies of each of the two nasal sprays had met their primary endpoints. The company is now preparing for Phase 3 studies.
Oyster Point President and CEO Jeffrey Nau said, “We are grateful to our investors for their partnership and look forward to initiating a Phase 3 clinical development program for dry eye disease. Our novel approach to empower patients with dry eye disease to stimulate their own natural tears has tremendous potential. This financing will bring us a step closer to offering much needed relief to patients in an area that has limited treatment options.”
Read the Oyster Point Pharma press release.
