Oyster Point Pharma filed the paperwork for $85 Million IPO on 10/4/19. The Princeton, NJ based company is focused on developing pharmaceutical therapies to treat ocular surface diseases. The company will trade on NASDAQ under the symbol “OYST.”
Oyster Point currently has two products in development. Its lead product, OC-01, is a a highly selective nicotinic acetylcholine receptor (nAChR) agonist, that is being developed as a preservative free nasal spray to treat the signs and symptoms of dry eye disease. OC-01’s novel mechanism of action activates the trigeminal parasympathetic pathway to promote natural tear film production.
OC-01 is currently in Ph III trials for dry eye disease. The company expects to report top-line results in 2020 and file an NDA in the second half of 2020. OC-01 is also in Ph I trials for neurotrophic keratitis. A second product OC-02 is being developed as an injectable treatment for dry eye disease.
In February of 2019, the company raised $93 million in a series B round. Investors included: Invus Opportunities and Flying L Partners in collaboration with Falcon Vision. Existing investors New Enterprise Associates (NEA) and Versant Ventures, as well as new investor Vida Ventures, participated significantly in the round.