Newly formed Shifamed spinout Myra Medical said today that it closed a seed financing round worth $3.2 million and announced the appointment of Robert Chang as CEO.
Campbell, Calif.-based Myra Medical was founded to produce surgical devices designed to enable maximum intraocular pressure reduction while reducing the risk of hypotony in patients with glaucoma. Proceeds from the seed round are earmarked for product development and pre-clinical programs, the company said.
“Despite the efforts of first-generation solutions, an unmet need remains for a device that adequately treats moderate to advanced glaucoma patients in a controlled manner,” Chang said in prepared remarks. “Myra’s innovative platform will elevate the standard of care in this space by being less invasive than current glaucoma approaches used to manage this patient population, enabling improved disease management and reducing the risk of complications common with current treatments.”
Chang, the former co-founder, president & chief executive of mitral valve replacement developer MVRx, also worked at Sadra Medical and Ample Medical.
Myra also said it tapped Tracy Valorie, the former SVP & GM of the U.S. pharmaceutical and surgical businesses at Bausch & Lomb, as a strategic advisor.
“We are delighted to have Rob lead the company and Tracy strategically advise on key industry insights,” Shifamed founder & Myra Medical chairman Amr Salahieh said. “Their combined decades of experience make them an ideal team to drive Myra forward at this time. We are also pleased with the size of and timing to close this initial financing round. It reflects the excitement around the impact Myra’s technology will have on the treatment of moderate to advanced glaucoma.”