A North East firm that has developed a mask to treat people with diabetes in their sleep has secured $10m from a US investor.
PolyPhotonix has created the The Noctura 400 Sleep Mask that can be used to treat diabetic patients who are at risk of losing their sight.
Diabetic retinopathy is a complication of diabetes, which causes high blood sugar levels to damage the back of the eye.
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PolyPhotonix’s sleep mask – designed to be worn at night – delivers a dose of light therapy while the wearer is asleep, and the treatment reduces and reverses the effects of diabetic retinopathy.
Now the County Durham company, based at NETPark in Sedgefield, has entered a global strategic alliance with Prevail InfoWorks Inc, based in Philadelphia, to lead management of FDA regulated human clinical trials of the sleep mask.
Prevail Partners LLC, an affiliate of InfoWorks, has agreed to invest significantly in PolyPhotonix upon the commencement of the FDA clinical trial as lead investor in a $10m Series A investment round.
If successful, the clinical trial will lead the treatment to go on sale on the US market.
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A recent 海角视频 NHS Real World Evaluation carried out during the pandemic found that 98% of eyes achieved positive clinical outcomes using the Noctura 400 Sleep Mask.
The results have been published in The Journal of Ophthalmology, one of the sector’s leading publications.
Prevail InfoWorks is a global company providing biotech, pharmaceutical, medical device and diagnostics companies with innovative solutions for their clinical development.
Richard Kirk, chief executive of PolyPhotonix, said: “Our new global strategic partnership with Prevail InfoWorks will be a valuable asset to our vital work in tackling diabetic retinopathy worldwide.
“We are delighted to be working with such a major player in the industry and hope to break into the US market in the very near future.
“The investment and the forthcoming FDA trial will help support and develop the evidence base for Noctura 400’s clinical effectiveness for diabetic retinopathy patients at risk of losing their sight. This multimillion-pound deal will accelerate the clinical trial process and advance other indications in our biotechnology pipeline.
“At a time when health services across the globe are struggling to bounce back from the Covid-19 crisis, our sleep mask can be used by patients at home, reducing the pressure on frontline hospital services.”
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Jack Houriet, chief executive of Prevail InfoWorks, said: “The extraordinary visionaries and scientists at PolyPhotonix are making major advances in the treatment of diabetic retinopathy. We are delighted to be working with PolyPhotonix to take the treatment through to successful FDA regulatory approval as quickly as possible with our technologies and clinical services.
“Early stage treatments are more urgently required than ever
with more than 40% of diabetic patients suffering from diabetic retinopathy.”
Polyphotonix’ investment success marks the latest chapter in their international expansion plans, with the mask already in use in Europe including the 海角视频, France and Portugal.