TheiaNova’s Carissa Fonseca presenting at Eyecelerator

University of Auckland (UoA) spin-off TheiaNova’s novel approach to treating keratoconus with a patented eye-drop solution won it a finalist place at the American Society of Cataract and Refractive Surgery’s renowned Eyecelerator Winning Pitch Challenge.

Presenting at Eyecelerator was “absolutely thrilling”, said TheiaNova’s CEO Carissa Fonseca. “It is an incredible platform to present work on our therapy for keratoconus and similar corneal ectasias. Launching our capital raise to the who’s who of ophthalmology and the many investors interested in this space generated a number of follow-up conversations with potential strategic partners and investors, with whom we will continue to engage over the coming months.”

TheiaNova’s novel, painless, non-invasive treatment is designed to regenerate eye collagen when applied as an eye drop twice daily over a period of three weeks. It is a world-first approach to rebuilding the cornea’s structural integrity and halting disease progression, while providing an innovative opportunity to correct lost vision in a predictable manner, said Emeritus Professor Colin Green, who led the UoA group spearheading the treatment’s development. Its unique approach rebuilds the cornea rather than simply attempting to retain already reduced collagen levels, he explained. “It combines a human growth factor with a low dose of a steroid, already approved for ocular use, to trigger developmental pathways which induce cells in the cornea to temporarily change their behaviour and secrete new collagen.”

Approximately US$10m (NZ$16.8) is now needed to bring the treatment to the next stage of development, including conducting phase 1 and 2 clinical trials, said Fonseca. “We’re looking at a US$2-3b addressable market and a US$1b serviceable market, meaning this is a great opportunity for investors to back a scalable treatment with the potential to change the lives of millions of patients worldwide.”

TheiaNova, one of three Eyecelerator finalists, is also exploring how the treatment could be used beyond keratoconus, including post-refractive surgery, ectasia and similar corneal disorders which have a serious impact on patients, she said.