CEO appointment and funding to support transformational US expansion, accelerate late-stage clinical development of lead asset, and strengthen R&D pipeline

MELBOURNE, Australia & FORT WORTH, Texas--(BUSINESS WIRE)--PolyActiva, a clinical-stage biopharmaceutical company pioneering a novel drug delivery technology to improve outcomes for patients with ocular conditions, today announced two major milestones in its next phase of growth: the appointment of seasoned biopharmaceutical executive, Jerry St. Peter as CEO and board director, and the successful close of a $25M Series C funding round led by an Australian Sovereign Wealth Fund with continued strong support from Brandon Capital.

Mr. St. Peter succeeds current CEO, Vanessa Waddell, who will remain as part of the company’s executive leadership team in the role of chief strategy officer. His appointment marks a pivotal step in PolyActiva’s expansion strategy, as the company accelerates the late-stage development of its lead product candidate, PA5108, a biodegradable, sustained-release ocular implant designed to deliver latanoprost for the reduction of intraocular pressure (IOP) in patients with ocular hypertension and glaucoma. Under Mr. St. Peter’s leadership, PolyActiva plans to accelerate efforts to bring its lead product to market in the U.S., while maintaining its robust R&D and product development operations in Australia.

“We are excited to welcome Jerry as CEO of PolyActiva,” said Dr. Chris Nave, co-founder and managing partner at Brandon Capital and Chairman of the Board of PolyActiva. “He brings more than 30 years of leadership and experience in ophthalmology and biopharma, with a strong track record of success in scaling companies, building pipelines, and delivering value. His appointment, alongside the Series C raise, marks a pivotal step as PolyActiva expands its U.S. presence to drive long-term success.”

Recent results from a Phase 2a study showed that PA5108 consistently delivered clinically relevant reductions in IOP for 6 months from a single implant. A subset of patients who received a second implant at 21 weeks demonstrated clinically relevant reductions in IOP for at least 48 weeks. The implant was well tolerated by patients in this study. The study also demonstrated that PA5108 could be repeat-dosed after the initial 21 weeks of therapy, with no negative impact on corneal endothelial cells, providing the opportunity for long-term chronic therapy. The Phase 2b study evaluating the dose, safety, and efficacy of PA5108 in a larger patient population is expected to begin in Q3 of 2025 at clinical sites across the U.S. In addition to advancing PA5108, the financing will also support the continued development of PolyActiva’s broader pipeline and exploration of new therapeutic opportunities enabled by its proprietary PREZIA™ drug delivery platform.

“I’m honored to join PolyActiva at such an important point in the company’s evolution,” said Mr. St. Peter. “The opportunity to lead a team with such deep technical expertise and a clear, patient-focused mission is incredibly energizing. PA5108 and the PREZIA platform offer tremendous promise in improving how we treat serious eye diseases. I look forward to building on the foundation the team in Australia has created, expanding our footprint in the U.S., and delivering transformative therapies to patients around the world.”

Prior to joining PolyActiva, Mr. St. Peter was the CEO and board director of Xequel Bio, a clinical-stage biopharmaceutical company developing ophthalmic and dermatologic therapeutics. Prior to joining Xequel, he was the co-founder, CEO, and board director of Eyevance Pharmaceuticals (a Santen Company), a global ophthalmic company focused on serious, unmet treatment needs by developing innovative solutions that protect and restore vision, until its acquisition by Santen in 2020. Prior to co-founding Eyevance, Mr. St. Peter was the senior vice president and head of Sun Pharmaceuticals’ newly formed ophthalmology division. Before Sun, he was the executive vice president and general manager for Nicox’s ophthalmic business in the U.S. and formerly served as the senior vice president and head of ophthalmology at Inspire Pharmaceuticals before Merck acquired Inspire in 2011.

About PREZIA™

PolyActiva’s proprietary PREZIA™ drug delivery platform underpins PA5108 and other candidates in the company’s pipeline. Unlike traditional polymer matrix or nanoparticle-based systems that rely on passive diffusion, PREZIA™ uses covalent bonding to attach therapeutic agents to a polymer backbone. This approach enables precise, consistent, and fully customizable drug release over periods ranging from one week to over one year. The platform’s biodegradable design eliminates residual buildup and supports repeat dosing. PREZIA™-based therapies can be formulated as rod-shaped implants or injectable gels and are compatible with both single-agent and combination therapies for a broad range of ocular conditions.

About PolyActiva

PolyActiva is a clinical-stage biopharmaceutical company developing novel drug delivery solutions to improve outcomes for patients with ocular conditions. The company’s lead asset, PA5108, is a biodegradable ocular implant that delivers sustained latanoprost therapy to reduce intraocular pressure in glaucoma and ocular hypertension. For more information, visit polyactiva.com.
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