Tarsus Pharmaceuticals (TARS) intends to raise $80 million in an IPO of its common stock, according to an S-1 registration statement.
Irvine, California-based Tarsus was founded to advance a portfolio of treatment options for various eye conditions caused by mites and other parasites.
Management is headed by co-founder, president and CEO Mr. Bobak Azamian, M.D., Ph.D., who has been with the firm since and was previously co-founder, CEO and CMO of Metavention, a company seeking to treat diabetes and other metabolic diseases.
Below is a brief overview video of Demodex Blepharitis:
Source: Nattawut Wanumkarng
The company’s lead candidate is TP-03, a treatment being developed for three indications related to the Demodex mite.
Management expects to provide top line data results for its Phase 2b/3 Saturn-1 trial in 2021, as well as initiate a Phase 3 Saturn-2 trial in 2021.
Below is the current status of the company’s drug development pipeline:
Source: Company S-1 Filing
Investors in the firm have invested at least $63.4 million and include Horowitz Limited Partnership, Vivo Capital, Flying L Investments, Frazier Life Sciences, Visionary Venture Fund, RTW Investments and Cormorant Asset Management.
According to a 2018 market research report by Transparency Market Research, the global incidence of patients with increased ocular disorders is increasing due to the rise in the elderly population.
In a recent survey report in the U.S., 37% – 47% of patients ‘were diagnosed with signs of blepharitis.’
Related conditions to blepharitis include acne rosacea, Lyme disease and malaria, all areas in which the firm is pursuing treatments.
However, drugs with significant side effects or lengthy procedures can hamper market adoption.
Major competitive vendors that provide or are developing treatments include:
- Azura Ophthalmics
- Aperta Biosciences
- Eyevance Pharmaceuticals
- Formosa Pharmaceuticals
- Hovione Scientia
- Nicox SA (NICXF)
- Novaliq GmbH
- Premark Pharma
- Quorum Innovations
Tarsus’s recent financial