Alacrity Biosciences takes $4.9M as bridge to tackle eye disease
Alacrity Biosciences, a Laguna Hills, Calif., biotech developing eye treatments, raised $4.9 million in bridge financing while it gathers clinical data in support of a larger first round later this year, VentureWire reports (subscription required). The funding was provided by unidentified hedge funds and private individuals; the same group invested $8.5 million as a bridge financing in January.
Alacrity focuses on eye conditions such as dry-eye disease, glaucoma and retinal disease. The company’s lead compound, ALTY-501, has just completed a mid-stage human trial that should produce data by the end of August. At that point, the company hopes to raise a $25 million first round.
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About the Author, David P. Hamilton
David Hamilton has been writing for VentureBeat LifeScience since April 2007. He formerly spent 14 years as a reporter for the Wall Street Journal in its San Francisco and Tokyo bureaus. Prior to that, he spent several years as a reporter at Science Magazine and as a reporter/researcher for the New Republic, both in Washington.