SANTA CLARA, CA & DUBAI, Feb 19, 2021 – (ACN Newswire) – Maculus Therapeutix, a preclinical-stage biopharmaceutical company that has developed a SINGLE injection platform to treat wet AMD (Age-related Macular Degeneration) and DME (Diabetic Macular Edema) instead of the standard 8-12 monthly injections, is pleased to welcome Privity FZ LLE as a partner and advisor for upcoming fundraising activities. Maculus plans to raise $3 million at an $8 million valuation for a 12-18 month period, including initial in-vivo animal studies and completion of in-vitro / in-vivo drug elution studies.
Maculus achieved the breakthrough using a patented novel tunable biodegradable proprietary product, called MacuBloc. Capable of delivering any FDA approved drug for wet AMD / DME to the site of the disease, with unique suitability for targeted and extended delivery of drugs to the back of the human eyes, MacuBloc offers significant benefits to Wet AMD patients such as a single intravitreal injection that lasts a year rather than the current monthly injections, and a potential reduction in inflammation, infection, doctor visits and total cost of care.
Syed H Askari, PhD, Founder, Chief Executive Officer and CTO of Maculus Therapeutix, said, “We are very excited to welcome Privity as we develop this unique product, which can bring such transformative treatment to those suffering from wet AMD and DME. Current standards of care bring numerous challenges: pain, inflammation, infection, loss of vision. Our product is designed to solve each of these challenges while significantly reducing the total cost of care.
“More importantly, our product makes it possible to replace the multiple injections required today with ONE injection for any FDA approved drug, a leap ahead of the current standards of care, and an approach which could change the lives of 200 million patients worldwide suffering from these debilitating eye diseases.”
Sleem Hasan, Privity Founder and CEO, said, “Privity was founded to identify entrepreneurs with unique ideas and compelling value propositions, and Maculus fell straight into this sweet spot, speaking straight at me as I had experienced diabetic retinopathy personally, and with family members. Syed is a serial entrepreneur, while his doctoral work in Chemistry in India, the UK and Canada, and professional career in the US speak for themselves. Above all, his work with Polymers may well change the game in drug delivery.”
About Maculus Therapeutix, Inc.
The Maculus team has been together in Silicon Valley for 15 years, building Medicus Biosciences, Inc, a polymer-based medical device company with current operations in San Diego, CA, while developing a platform technology for drug delivery platform for various diseases. Maculus targets the AMD and DME segments, a $15 billion market (55 million patients) growing at nearly 10% per year. For more information, visit www.maculustherapeutix.com.
About Privity FZ LLE
Privity FZ LLE was founded in Dubai in 2004, an independent venture-focused advisory firm that seeks entrepreneurs with unique ideas and helps them to develop and grow. Privity is agnostic to geography and industry vertical; It focuses on the quality of the entrepreneur and the compelling value proposition of the idea. Privity draws upon its unique 4i methodology – ideas, intelligence, innovation, invention – to deliver insightful advisory and consulting services. For more information, please visit www.privitylle.com.
Syed H Askari, CEO
Maculus Therapeutix, Inc
Sleem Hasan, CEO
Privity FZ LLE
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