Oph­thal­mol­o­gy biotech up­start is ask­ing in­vestors to bet $85M-plus on their late-stage ri­val to Resta­sis and Xi­idra

Sev­en months af­ter Oys­ter Point Phar­ma bridged its way in­to a Phase III study with $93 mil­lion in ven­ture cash, the biotech is step­ping back up to see if pub­lic in­vestors are in a mood to back their play to jump in­to a big league mar­ket with a mi­nor league team.

The Prince­ton, NJ-based biotech teed up an IPO on Fri­day, out­lin­ing their case on go­ing af­ter dry-eye dis­ease — a block­buster mar­ket that ac­counts for tens of mil­lions of pa­tients. On the drug side, that’s a mar­ket that has been dom­i­nat­ed by Al­ler­gan’s cash cow Resta­sis — now be­ing carved up by gener­ics as Ab­b­Vie buys out the com­pa­ny — and Xi­idra, a ther­a­py which Take­da sold off to No­var­tis in a $5.3 bil­lion deal in the wake of the Shire ac­qui­si­tion. Most pa­tients get eye drops for the con­di­tion.

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