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"Mobius has a great team, Mitosol has FDA and reimbursement approval, patent exclusivity, and is a much better product than the competition," said Cultivation Capital partner Dean VandeKamp.
ST. LOUIS, MO, October 10, 2013 /24-7PressRelease/ -- Mobius Therapeutics, a leading glaucoma and refractive surgery innovation company headquartered in St. Louis, today announced a $3 million Series B round of financing led by St. Louis-based early stage Venture Capital firm Cultivation Capital.
Mobius developed and sells Mitosol, a pre-packaged kit containing mitomycin-c, an agent essential to improved efficacy in glaucoma surgery. Mitosol improves occupational safety for doctors and hospital staff, provides consistent and assured formulation for each patient, improves convenience, and is more cost effective for hospitals and patients. Mitosol is the first and only formulation of mitomycin-c specifically approved for ophthalmic use. Addressing key end-user and patient issues represents a major breakthrough in the field of glaucoma surgery.
This latest round of funding brings Mobius's Series B total to $5 million and enables the company to increase its commercial sales team and reach more doctors and patients nationwide.
"Glaucoma is the second-leading cause of blindness in the United States and Mitosol is key to treatment," said Cultivation Capital General Partner Dean VandeKamp. "Mobius has a great management team, Mitosol has FDA and reimbursement approval, patent exclusivity through 2029, and overall is a much better product than the competition. Ed and his team are off to a strong start with the commercialization."
"This financing marks the advent of the next phase of Mobius Therapeutics," said Ed Timm, President and CEO of Mobius. "Having achieved critical regulatory, commercial, and market milestones, this investment will allow Mobius to accelerate the adoption of Mitosol, thereby improving convenience, occupational safety, consistency of patient treatment, and economics for patients, providers, and ophthalmologists."
For more information about Mitosol or Mobius Therapeutics, visit www.mobiustheraputics.com.
About Mobius Therapeutics, LLC:
Mobius Therapeutics is a commercial stage venture focused on ophthalmic surgery solutions. Its first product, Mitosol , is a system for delivering antifibrotic agents in glaucoma, refractive, and corneal surgery. The glaucoma indication is in active commercialization; the pterygium and refractive indications are awaiting approval by the Food and Drug Administration. Mobius is housed within the Center for Emerging Technologies in St. Louis, Missouri. Full prescribing information is available at: https://www.mobiustherapeutics.com/files/PackageInsert_RevD_forweb.pdf
About Cultivation Capital
Cultivation Capital is a St. Louis-based early stage Venture Capital firm investing in high potential technology companies throughout the Midwest. Cultivation Capital is managed by a team of experienced entrepreneurs, who have started more than 25 companies, raised more than $200 Million dollars and had several successful exits. For more information, visit http://www.cultivationcapital.com.
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