Automized Eye Drops

According to the National Eye Institute (NEI), by age 80, over half of all Americans either have cataracts or have undergone cataract surgery. This is a staggering figure and why cataract surgery is one of the most frequently performed on a global scale. 

In a normal eye, a clear lens helps to focus light or images on the retina. Once light passes through the lens and hits the retina, it is changed into nerve signals, which are subsequently sent to the brain. If the lens is cloudy due to a cataract, the image one sees, in turn, will be blurred.

The most common cataract surgeries are performed with a small incision where the cataract is removed and replaced with a man-made lens, also known as an intraocular lens. Post-surgery patients are prescribed eye drops, and most receive 3 different types that must be administered in distinct intervals over multiple durations. Compliance with this regimen can be tricky and, if not followed, can lead to inflammation and costly subsequent ophthalmological interventions.

“Compliance rates with eye drops post-surgery are only about 45%,” explains Dr. Bala Ambati, Professor of Ophthalmology at the University of Utah’s Moran Eye Center. Dr. Ambati is also the President and Founder of iVeena, an ocular drug delivery device company that received TVC funding for a series of innovative products. One of these products is the iVeena BDI device, designed to eliminate the need for eye drops and injections. The device is implanted in the back of the eye during surgery and delivers drug doses to both the front and back of the eye. This notion of bidirectional delivery to both the front and back is crucial as manually administered eye drops make their way to the back of the eye only 2% of the time, an area where they are needed most.

“We completed an in vivo study (in a living organism) on 42 New Zealand white rabbits who were successfully implanted with the device,” describes Dr. Ambati. “Treated post-cataract inflammation successfully reduced retinal thickening in the rabbits.” This is a major breakthrough within the larger ophthalmological community. Jerry Simmons, CEO of iVeena, explains that 55% of cataract surgeries are paid out by Medicare and estimated savings for BDI on complications and eye drops to the government is roughly $270 million annually.

Not surprisingly, the first investors in iVeena were fellow ophthalmologists. Mr. Simmons’ arrival was a calculated move by Dr. Ambati to bring on a tested leader to advance the company beyond early preclinical trials. “We now have to move into FDA Phase 1 clinical trials,” remarks Mr. Simmons, “we have a little over $3 million raised.” A seasoned large and early-stage pharmaceutical veteran, Mr. Simmons brings a wealth of experience to iVeena, having spearheaded two IPOs and several successful corporate transactions. The BDI is planned to cost less than eye drops at a price point of $200.

iVeena’s BDI device and its four other products are part of TVC’s milestone-driven process, “The Commercialization Engine.” As a respected practitioner, researcher, and valued member of the University of Utah faculty base, Dr. Ambati understands the long-term aims of TVC and, along with Mr. Simmons, has developed several exciting initiatives that will change the field of vision for years to come.