PainReform Ltd. has announced a strategic $3 million investment in LayerBio Inc., a Boston-based biotechnology company, marking the company's expansion into the ophthalmology market through its pharmaceutical division. The milestone-based partnership focuses on LayerBio's lead product candidate, OcuRing-K, a sustained-release intraocular ring designed to address post-cataract surgery pain and inflammation.
Targeting High-Volume Cataract Surgery Market
The investment positions PainReform to enter the lucrative ophthalmic surgery market, which performs approximately 3 million cataract surgeries annually in the United States. Current post-surgical care relies heavily on eye drops, which suffer from poor absorption with less than 5% of active ingredients reaching the eye, inconsistent patient adherence, and the overprescription of opioids for unmanaged pain.
OcuRing-K addresses these shortcomings by providing 30 days of anti-inflammatory and analgesic therapy via a biocompatible ring placed in the anterior chamber during surgery. This "dropless" approach eliminates the logistical burden on patients, addressing a critical issue where 30% of patients abandon their drop regimens within two weeks.
Strategic Partnership Structure
Under the agreement terms, PainReform will receive a majority equity stake in LayerBio as well as a majority position on LayerBio's board. The investment structure includes an initial $600,000 payment upon closing, with the remaining $2.4 million provided in tranches conditioned on the successful achievement of key development milestones.
LayerBio has committed to using the proceeds solely for funding a planned Phase II clinical trial of OcuRing-K under an FDA-approved protocol. The transaction is expected to close by the end of July 2025, subject to customary closing conditions.
Leadership and Clinical Expertise
Dr. Ken Mandell will continue to lead LayerBio as Chief Executive Officer, bringing significant credentials to the partnership. A Harvard-trained ophthalmologist and biotechnology entrepreneur, Dr. Mandell is the founder of LayerBio and a recognized leader in sustained-release drug delivery. He is a co-inventor of TYRVAYA, which received FDA approval for dry eye disease, and Aldeyra's reproxalap eye drop for ocular inflammation.
Dr. Mandell holds over 15 U.S. patents and has contributed to more than a dozen Investigational New Drug (IND) applications while overseeing multiple Phase 1-3 clinical trials. His prior executive roles include Chief Medical Officer positions at Aramis Biosciences, Intergalactic Therapeutics, Neurotech Pharmaceuticals, and Noveome Biotherapeutics.
Complementary Technology Platform
The partnership represents a strategic diversification for PainReform, which continues to advance its lead candidate PRF-110 for post-operative pain in general surgery. The company's expertise in extended-release drug delivery aligns with LayerBio's intraocular platform, creating potential synergies in manufacturing capabilities and cross-promotional opportunities in surgical pain management.
"This agreement reflects our plans to broaden PainReform's non-opiate pain management pipeline through innovative technologies in high-need surgical markets," said Dr. Ehud Geller, Chairman and interim CEO of PainReform. "We believe LayerBio's OcuRing-K platform is an ideal fit with our mission, enabling us to participate in the ophthalmology space with a differentiated, clinically promising product."
Market Opportunity and Risk Mitigation
The milestone-driven funding structure contrasts with traditional venture-backed biotech funding, allowing PainReform to avoid committing capital prematurely while maintaining strategic oversight. This approach aligns financial commitment with tangible progress in clinical development.
Beyond cataract surgery, OcuRing-K's platform could potentially be adapted for other ophthalmic conditions including glaucoma, diabetic retinopathy, or post-LASIK recovery. The partnership positions PainReform to participate in what analysts estimate as a $4 billion global ophthalmic drug market, while maintaining its focus on non-opioid pain solutions across surgical specialties.
