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.