DEDHAM, Mass.—Qlaris Bio, Inc., (Qlaris) a clinical-stage biotechnology company targeting unmet needs in debilitating ophthalmic diseases, has announced the close of a $24 million Series B financing round. Co-led by by Canaan and New Leaf Venture Partners, the financing also included new participation from funds managed by abrdn Inc., as well as existing investors Mayo Clinic Ventures and Correlation Ventures. Proceeds from the financing will support the continued clinical development of QLS-111, a product being developed to lower intraocular pressure (IOP) by targeting episcleral venous pressure (EVP).

Qlaris is currently conducting two U.S. phase II clinical trials of QLS-111 titled Osprey and Apteryx, which are investigating safety, tolerability, optimal dosing and efficacy in patients with open angle glaucoma (OAG) and ocular hypertension (OHT). Additional clinical advancements, including the initiation of the Nightingale Phase II clinical trial in normal tension glaucoma (NTG), are anticipated by the end of 2024.

Thurein Htoo, MS, MBA, chief executive officer of Qlaris, said, “We are grateful to have the support of this outstanding syndicate of leading life science investors, which will enable the continued development of our lead product, QLS-111. Qlaris is dedicated to developing new mechanisms of action that target unaddressed parameters within IOP regulation, an area of critical need. QLS-111 aims to achieve this goal by fundamentally targeting EVP to enable improved IOP control for patients with glaucoma, including those with NTG, a condition for which there are no currently approved therapeutics. This funding will provide Qlaris the means to execute on our clinical strategy to develop a novel solution to a critical unmet need.”

Wende Hutton, general partner at Canaan, said, “Since the company’s inception, we have believed in Qlaris’ novel technology, talented leadership and skilled team. We invest in companies that partner an innovative approach with strong leadership and accomplished scientists to successfully reach critical milestones. Qlaris has the potential to demonstrate the importance of targeting EVP in the ongoing QLS- 111 Phase II trials and we look forward to the data from this innovative drug candidate.”