A biotech startup that aims to turn silkworm cocoons into a treatment for dry-eye disease has raised $6.2 million in venture capital funding.
Plymouth-based SilkTech Biopharmaceuticals announced Tuesday that will put the capital toward an upcoming 300-patient clinical trial of its product, an eye drop made from silk fibers.
Skyview Capital, a Los Angeles-based investment firm, was the sole investor in the round. Skyview also provided capital for SilkTech's previous venture capital raise.
In late 2017, SilkTech landed $11.2 million. Leading up to that round of funding, SilkTech was backed by angel investors and federal funding.
SilkTech Founder and CEO Brian Lawrence is a biomedical engineer whose research has centered around how silk can treat eye conditions. Lawrence previously told the Business Journal that the company initially planned to develop a silk-based medical device to treat eye wounds, but abandoned the effort when the market didn't prove large enough. The company revamped its strategy to focus on eye drops and the Dry Eye Disease market, which Lawrence estimates is worth about $4 billion.
Tears help to maintain eye health, according to the American Optometric Association. Dry Eye is a common and often chronic problem, particularly in older adults. Those affected typically do not produce enough tears or their tears are of poor quality. SilkTech estimates that nearly 16 million patients in the U.S. have been diagnosed with Dry Eye, and approximately 30 to 40 million more individuals struggle with it but remain undiagnosed.
"As a patient who himself suffers from Dry Eye, I could not be more enthusiastic about seeing this novel therapeutic entering the clinic," said Skyview CEO Alex Soltani in a release. "As an investment partner, we believe this technology could represent a paradigm shift in the treatment of this disease."
Although silk is best known for its use in fabrics, scientists have started researching whether it can serve as a foundation for new medicines. Several groups have already found success with the technology. Massachusetts-based Cocoon Biotech is developing arthritis treatments based on silk proteins. And Tufts University uses silk to store blood samples at room temperature.
