AOPharma Ltd., an Ophthalmic Pharmaceutical company, co-founded in 2007 by Dr. Eran Eilat and Professor Robert David, has successfully completed a $2 million investment round raised from investors including Coronis Partners – an Investment Company specialized in the Biotechnology sector, Mr. Gur Munzer, owner of Care Medical Services and of Natalie and the Rad BioMed Incubator owned by Mr. Yehuda Zisapel in associations with Israel’s Chief Scientist. To date the company has raised over three million dollars.
AOPharma develops unique and innovative technologies targeting the continually growing Ophthalmic Pharmaceutical market; estimated to reach over $13 billion per year.
Using eye drops from a bottle or dropper requires coordination and poses a particularly difficult problem for the elderly and pediatric populations who are their main users. In addition, only a small portion of the drug actually reaches the eye, the rest drains out or is absorbed through the tear ducts, entering the bloodstream which may cause systemic side effects. Furthermore, regular use of eye drops can cause toxic side-effects due to presence of preservatives in the medication.
The EyeAdMisterTM, AOPharma's platform technology, is a patient user-friendly and a cost-effective solution aiming at solving patient compliance, treatment efficiency and secondary effect caused by chronic use of ophthalmic drugs . EyeAdMisterTM is an innovative device planned to incorporate all type of eye drops, releasing the medication in the form of a fine mist, allowing a precise dosage, consistency in each use, and high absorption rate. In addition, the product brings forward a platform for preservative free formulations moving away from the traditional drops that cause health risks and side effects due to their preservatives.
Dr. Eran Eilat, AOPharma’s Co-Founder said: "We are pleased and proud to have successfully completed this financing round and have engaged into the company a group of distinguished and experienced investors that expressed confidence and enthusiasm in our technology, its business potential and in the company's management team. These particular groups of investors bring, in addition to their funding and long term commitment, a deep understanding in the drug development business in general and in the ophthalmic market in particular. I am confident that our combined know how, financial and managerial capabilities will drive AO Pharma to a medical and financial success ".
About the Founders:
Dr. Eran Eilat is a serial entrepreneur with background in medicine and immunology. Dr.Eilat was also a partner in the development of products which are currently being sold in 15 countries and has also initiated a number of startup companies in the biomedical arena.
Professor Robert David was a senior medical director for 13 years at Allergen, California, a leading pharmaceutical ophthalmology company, and took part in the development of drugs such as Alphagan ®, Lumigan ® and Restasis ®. Previously, Professor David managed the department of glaucoma at Soroka Medical Center, Ben - Gurion University in Beer Sheva. Since returning to Israel in 2005, Professor David accepted the position of a guest professor in the department of ophthalmology in Tel Aviv Medical Center.
