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Hydrogel-based therapeutics company I-Therapeutix Inc. reports it has raised $15 million in as Series C round of financing, led by Polaris Venture Partners. Also participating in the round were previous investors Versant Ventures and SV Life Sciences.
According to officials at the Waltham-based company, the new funds will be used to bring its I-ZIP Ocular Bandage product to market in the United States, where it is undergoing clinical trials, as well as to develop sustained drug delivery products for treating ophthalmic diseases and infections of the eye.
Alan Crane, general partner at Polaris Venture, will join the company’s board of directors as part of the financing deal.
Medical technology veteran Amar Sawhney founded I-Therapeutix in 2006 and serves as its president and CEO. Sawhney, a Mass High Tech All-Star in 2007, founded a series of companies based on hydrogel -- a water-based polymer designed to react in the body to seal wounds or deliver drugs, then dissolve within days.
Privately held I-Therapeutix raised $6 million in a series B round in January 2008. The I-ZIP Ocular Bandage has already been approved for sale in Europe, according to officials.
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