PolyActiva secures $40 million AUD in Series C funding

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PolyActiva has secured AUD $40 million in Series C funding to support the continued clinical advancement of its lead ocular implant candidate, PA5108.

PA5108 is a biodegradable, sustained-release ocular implant designed to deliver latanoprost for the reduction of intraocular pressure (IOP) in patients with ocular hypertension and glaucoma. The implant, constructed from a biodegradable polymer, is designed for sustained drug delivery, and unlike other treatments on the market, rapidly degrades once the drug is released, allowing for repeat dosing.

The company released data from a phase 2 clinical trial of PA5108 at the end of 2024. The trial met key efficacy and safety endpoints, showing significant reductions in IOP over 26 weeks. Furthermore, a second Phase 2 study demonstrated that PA5108 could be repeat-dosed after the initial 6 months of therapy. A phase 2b study evaluating the dose, safety, and efficacy of PA5108 in a larger study is expected to begin in Q2 of 2025 at clinical sites across the US. The company is currently preparing for a pivotal phase 3 study.^1-3

In addition to advancing PA5108, the financing will also support the continued development of the company’s broader pipeline and exploration of new therapeutic opportunities enabled by its proprietary PREZIA platform.¹

The company states that unlike traditional polymer matrix or nanoparticle-based systems that rely on passive diffusion, the PREZIA drug delivery platform uses covalent bonding to attach therapeutic agents to a polymer backbone. This enables precise, consistent, and fully customizable drug release over periods ranging from one week to 12 months, according to the company.

Vanessa Waddell, CEO of PolyActiva, commented on the funding in a press release from the company, saying, “This funding marks a pivotal step forward in our efforts to bring our innovative technology to glaucoma patients who struggle with daily medication adherence. Our PREZIA platform represents a breakthrough in precision drug delivery, with the goal of offering a customizable, safe, and effective alternative to traditional therapies.”

The National Reconstruction Fund Corporation (NRFC) committed $27 million to PolyActiva as part of the $40 million Series C round alongside Brandon Capital.²

Chris Nave, PhD, co-founder and managing partner at Brandon Capital and chair of PolyActiva, commented, saying, “PolyActiva’s breakthrough PREZIA technology represents more than advancing the treatment of glaucoma; it could redefine the standard of care for ocular drug delivery.”

Waddell also noted that “PolyActiva was on its mission to reduce glaucoma-related vision loss globally. This investment by the NRFC would help us do that, ensuring that we could complete our phase 2b clinical trial and prepare for phase 3 registration trial, which would take us one step closer to a potential new therapy for glaucoma.”

Previously, Waddell noted that the phase 3 program will most likely take 2.5 years, and the company is hopeful to have the product on the market by 2029.³

References:

1. PolyActiva Secures $40M in Series C Financing to Advance PREZIA™ Platform Technology and Drive Innovation in Sustained Ocular Drug Delivery. Published May 30, 2025. Accessed June 10, 2025. https://brandoncapital.vc/2025/05/30/polyactiva-secures-40m-in-series-c-financing-to-advance-prezia-platform-technology-and-drive-innovation-in-sustained-ocular-drug-delivery/

2. NRFC Invests $27 Million in PolyActiva to Combat Glaucoma. Published June 10, 2025. Accessed June 10, 2025. https://biomelbourne.org/nrfc-invests-27-million-in-polyactiva-to-combat-glaucoma/

3. Hutton D. PolyActiva’s PA5108 glaucoma implant shows promising results in clinical trial, paving the way for long-term drug delivery. Published December 3, 2024. Accessed June 10, 2025. https://www.ophthalmologytimes.com/view/polyactiva-s-pa5108-glaucoma-implant-shows-promising-results-in-clinical-trial-paving-the-way-for-long-term-drug-delivery