GrayBug Secures Worldwide Rights to Develop Proprietary Ophthalmic Drug Delivery Platforms
GrayBug raises $1mm from investors and is awarded a $200k grant to support research
Baltimore, MD – April 11, 2012 – GrayBug LLC announced today they have raised over $1 million in equity from investors and have successfully obtained the worldwide right to new technologies invented by GrayBug LLC co-founders Justin Hanes, Peter Campochiaro, and Peter McDonnell through a licensing deal with the John Hopkins University.
GrayBug was also awarded a $200k grant from The Maryland Biotechnology Center through their Biotech Development Program to support development of the company’s lead product targeting Age Related Macular Degeneration (AMD).
GrayBug is a biotechnology company that is developing proprietary controlled release technologies for pharmaceutical indications. The company’s lead product is a polymer-drug biomolecular conjugate for the treatment of neovascular diseases of the eye. GrayBug’s proprietary platform technology allows sustained drug delivery into various compartments of the eye while minimizing inflammation common with current controlled release technologies applied to the eye.