Oculeve Open Ups, Just A Little, On OD-01
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In this week’s OIS Podcast, we talk with Oculeve CEO Michael Ackermann about the start-up company that caught the eye of Dry Eye Leader Allergan.
The dry eye space has taken a few hits lately with disappointing clinical news on the biopharmaceutical front. But the news that Allergan would pay $125 million up front for Oculeve, which is still developing a neurostimulation treatment for the chronic eye condition.
But the deal includes what no doubt will be sizable (but undisclosed) earn outs if Oculeve’s OD-01, a non-invasive nasal neurostimulation device that “tells” the lacrimal gland to increase tear flow.
Published in January, the article reports that Oculeve has only raised $24 million from venture investors including seed investor Kleiner Perkins Caufield & Byers and first-round backers Versant Ventures and New Enterprise Associates.
With that degree of firepower behind it, Oculeve certainly was fueled for the long haul. Ackerman wouldn’t provide details, but clearly Allergan’s offer was significant.
Michael Ackermann, PhD
Michael is currently Vice President, Neurostimulation for Allergan, plc, and most recently CEO of Oculeve, Inc., which was acquired by Allergan in August 2015.