HERNDON, VA, The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds has closed an investment with EVS Glaucoma Therapeutics.
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The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds has closed an investment with EVS Glaucoma Therapeutics (EGT), a Herndon-based spinout of Euclid Vision Systems that will develop a sustained delivery system for glaucoma medication.
CIT President and CEO Pete Jobse said, 'EGT is addressing an important need in the glaucoma treatment market. Our investment reflects our confidence in their plans to develop a sustained delivery system.'
EGT will develop an implantable, bio-degradable, collagen-based drug delivery system for Latanoprost, the leading prescribed glaucoma medication. Latanoprost currently has a recommended daily dosing schedule. However, multiple studies indicate that glaucoma treatment failures result from improper dosing by 90 percent of patients taking Latanoprost. To overcome this treatment failure, EGT has licensed for development a sustained-released, bio-degradable delivery system. The glaucoma treatment market is estimated to be $6 billion worldwide.
Michael Ross, EGT CEO, said 'This investment from CIT GAP Funds will allow us to pursue further development of our delivery system, which will help address inconsistent compliance in dosing experienced by the majority of glaucoma patients.'
CIT GAP Funds is a family of seed- and early-stage investment funds placing near-equity and equity investments in Virginia-based high-growth technology, life science and clean technology companies.
Vice President of CIT Entrepreneur and Managing Director of the CIT GAP Funds Tom Weithman said, 'Companies like EGT are still finding it difficult to access seed-stage funding even though they address key market needs. CIT GAP Funds fills that void with a proven public-private leveraged investment model that is creating 21st century companies and jobs throughout the Commonwealth.'
Since its 2005 launch, CIT GAP Funds has invested in over 80 companies across the Commonwealth of Virginia, deploying more than $9 million of public funds and attracting over $125 million more in private funding.
About the Center for Innovative Technology, http://www.cit.org
Since 1985, CIT, a nonprofit corporation, has been the Commonwealth's primary driver in developing innovation-based economic development strategies and opportunities. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers. Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources.