Current Investments
Our current investments focus on therapies for retinal disease and dry eye. We also evaluate opportunities in ophthalmic medical devices and clinical research tools.
Ashvattha Therapeutics
Ashvattha Therapeutics is developing targeted nanomedicines for retinal disease. Its ophthalmic program migaldendranib is being developed as a subcutaneously administered therapy for diabetic macular edema and neovascular age-related macular degeneration. OphthaFund was attracted by the potential for a subcutaneous therapy to address the treatment burden and capacity constraints associated with repeated office-based intravitreal injections. A treatment that could reach both eyes through systemic administration may expand options for patients while reducing the burden on retina practices.
MCAL Therapeutics
MCAL Therapeutics is developing a novel synthetic lipid platform for evaporative dry eye and other ocular surface disorders. Its lead program is designed to restore and stabilize the tear-film lipid barrier, addressing a fundamental cause of tear evaporation. OphthaFund’s relationship with MCAL began before the fund was formed, when co-founder Thomas R. Mather, MD, became an early investor. OphthaFund subsequently invested and continued its support. Our investment rationale includes the differentiated technology, a substantial unmet need in evaporative dry eye, and a leadership team with experience developing and bringing Xiidra to market. Dr. Mather serves as Chief Medical Officer and a board member.
Exits
Elios Vision — acquired by Bausch + Lomb
Elios Vision developed an implant-free, minimally invasive glaucoma surgery procedure using excimer laser technology to enhance aqueous outflow and reduce intraocular pressure. OphthaFund invested in May 2024, attracted by the differentiated technology, its potential impact on glaucoma care and the prospect of value realization within a relatively short time horizon. Bausch + Lomb acquired Elios Vision in December 2024.
Nirvana Sciences — acquired by Waters Biosciences
Nirvana Sciences developed synthetic red and near-infrared fluorescent dyes intended to expand the capabilities of biomedical research, diagnostics and imaging. OphthaFund invested in October 2024. We were attracted by differentiated technology, an experienced team and a credible commercialization pathway with the potential to improve the scope, speed and accuracy of laboratory studies. Waters Biosciences acquired Nirvana Sciences in May 2025.
Partners’ Prior Experience
Selected investments and operating experience of the partners (prior experience, not current OphthaFund holdings).