What Mobius has done is take the drug mitomycin c, which ophthalmologists have been using for years off-label, and package it into a standard dosage kit that can be stored at room temperature for up to 24 months. The FDA has approved the kit for use in glaucoma surgery, and Mobius is pursuing additional applications in two other kinds of eye procedures.
St. Louis-based Cultivation Capital has just led a $3 million Series B for the company to support its expansion efforts.
“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,” Mobius President and CEO Ed Timm said in a statement.
Glaucoma is one of the most common causes of blindness in the U.S. Medicines and surgeries are used to slow the progression of the disease by reducing pressure in the eyes.
Mitomycin c, which was initially introduced to the market as a chemotherapeutic agent, is used during surgery to prevent scarring that can block the drainage holes formed during surgery.
The St. Louis company last raised money in the fall of last year. Since then, it’s also received a payment indicator from CMS.
