National Reconstruction Fund Corporation invests $27 million in glaucoma treatment device maker
The National Reconstruction Fund Corporation will reportedly announce a $27 million stake in PolyActiva, a company commercialising an injectable device to treat glaucoma.
According to The Australian Financial Review, the investment to be announced on Friday is alongside $13 million in new funding from Brandon Capital, and will support PolyActiva in moving to phase-two trials, as well as keeping its manufacturing in Australia.
PolyActiva is a clinical-stage ophthalmology company with an injectable, biodegradable glaucoma treatment technology, which responds to moisture, releases drugs into a patient’s eye and eliminates the need to manually administer eye drops.
According to comments by NRFC CEO David Gall to The AFR, the new funding brings its total investments to $434 million so far, and it is on track to spend $550 million this financial year.
The investment by the NRFC – created by the federal government in its first term to diversify and transform manufacturing – is its first since the federal election earlier this month.
Editor’s note: David Gall will appear alongside Breakthrough Victoria’s CEO Rod Bristow and the Australian Business Growth Fund’s Investment Director Jack Lin at @AuManufacturing’s Spotlight on Scaling up panel, titled “Finding Funding”. You can buy tickets here for the event, which will be held the morning of June 25 at UTS.
Picture: credit Glaucoma Australia
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