Melbourne-based biotech company PolyActiva has successfully raised $40 million in a Series C funding round, marking a significant milestone in its mission to revolutionize treatments for eye conditions such as glaucoma. The funding, led by the National Reconstruction Fund Corporation (NRFC) with a substantial $27 million investment, will propel the company’s innovative drug delivery solutions into global clinical trials.
PolyActiva has spent over 15 years developing a novel eye-implant technology designed to improve treatment outcomes for patients suffering from glaucoma, a leading cause of irreversible blindness. Their dissolvable implant offers a high-precision method for delivering medication directly to the eye, potentially transforming patient care by reducing the need for frequent eye drops.
The latest funding round will enable PolyActiva to expand its operations, consolidating research and development, analytics, and manufacturing into a single facility. Additionally, the company plans to grow its technical workforce, immediately adding six new staff members to its current team of 25 employees and four research contractors through Monash University.
Backed by investors like Brandon Capital alongside the NRFC, PolyActiva aspires to become a global leader in eye health, drawing comparisons to Australia’s own Cochlear, a pioneer in hearing solutions. The company aims to reach millions of patients worldwide with its cutting-edge technology.
This investment not only highlights Australia’s growing biotech sector but also underscores the government’s commitment to fostering innovation through initiatives like the NRFC. PolyActiva’s advancements could position the country as a key player in the global healthcare technology market.
As PolyActiva moves forward with clinical trials, the biotech community watches closely, hopeful that this Melbourne scaleup will deliver on its promise to change how eye conditions are treated, offering new hope to patients around the world.
Alfred Lee
