Melbourne-based biotechnology company PolyActiva has secured $40 million in Series C funding to advance its potentially revolutionary glaucoma treatment that could transform care for millions of patients worldwide. The investment includes $27 million from Australia's National Reconstruction Fund Corporation (NRFC) and $13 million from existing investor Brandon Capital, marking a significant milestone for Australian medical innovation.
Breakthrough Technology Addresses Global Need
PolyActiva's approach centers on a biodegradable polymer implant measuring just two millimeters long and thinner than a human hair. The device delivers glaucoma medication directly into the eye over a six to 12-month period, offering a potential alternative to daily eye drops that millions of patients currently rely on.
The implant dissolves completely once the drug is dispensed and can be replaced during routine follow-up care. This technology addresses a critical medical need, as glaucoma affects more than 80 million people globally and is expected to impact over 111 million by 2040.
"We want to do for sight what Cochlear did for hearing," said PolyActiva CEO Vanessa Waddell, highlighting the company's ambitious vision for transforming glaucoma treatment.
Clinical Development and Manufacturing Expansion
The company is currently conducting Phase 2B clinical trials for its biodegradable rod technology, which is designed for repeated use. The new funding will help complete these trials as PolyActiva works toward commercialization by 2029.
Founded in 2010, PolyActiva has overcome significant manufacturing challenges that have previously eluded pharmaceutical giants globally. The solution was developed through Australian research institutions, representing years of dedicated research and development.
The funding will also support consolidation of the company's research and manufacturing operations into a single Melbourne facility. PolyActiva currently employs 25 staff and four full-time research contractors through Monash University, with plans to immediately hire six additional team members.
Strategic Investment in Australian Innovation
This Series C round represents a substantial increase from PolyActiva's previous $9.5 million Series B funding in 2013. The investment reflects a strategic commitment to keeping Australian medical innovations domestically headquartered through commercialization.
"Like many Australian biotechs, at some point you have to do a deal," Waddell explained. "It means we don't have to sell ourselves early, which happens time and time again."
The $27 million investment from the National Reconstruction Fund marks the fund's first public investment since the May federal election and brings its total committed investments to $434 million. The deal signals the fund's willingness to move deeper into clinical-stage biotechnology ventures, supporting sovereign capability in high-impact sectors.
Addressing Long-Standing Commercialization Challenges
The investment represents a significant bet on Australia's ability to commercialize homegrown medical research, addressing a long-standing challenge for Australian innovators who often see their discoveries developed and profited from overseas. By maintaining local headquarters and expanding Australian manufacturing capabilities, PolyActiva aims to retain the value creation from its breakthrough technology within the domestic market.
