Date: Mar 10, 2015 Source: bizjournals (
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Baltimore pharmaceutical firm GrayBug Inc. has raised $1.74 million to advance development of its preclinical drug for age-related macular degeneration.
The Series A2 round was led by Hatteras Venture Partners, a new investor, and existing investor Maryland Venture Fund. Christy Shaffer, a managing director at Hatteras Venture Partners, will join GrayBug's board of directors as chair.
GrayBug's GB-102 is designed to reduce the frequency patients with age-related macular degeneration would have to undergo medication injections.
The company uses sustained-released technology developed by its founders at the Wilmer Eye Institute at the Johns Hopkins University School of Medicine. GrayBug will also use the technology to develop treatment for other age-related eye diseases.The company is led by CEO Michael O'Rourke.
