Azura raises $16 million to research dry eye therapy

Israeli-Australian firm Azura Ophthalmics has raised $16 million in series B funding to develop treatments for meibomian gland dysfunction (MGD).

The funding round was led by Brandon Capital, TPG Biotech, OrbiMed and Ganot Capital.

Chief executive Marc Gleeson said: “Meibomian gland dysfunction is responsible for at least 70% of dry eye cases and affects about 300 million people worldwide.”

The firm says it will now undertake Phase IIa clinical testing of a new formulation in approximately 120 patients with MGD.