PolyActiva raises $25 million and appoints new CEO to steer US expansion

Australian biotech PolyActiva has brought in seasoned pharma executive Jerry St Peter as chief executive, in a leadership shake-up timed with a fresh $25 million financing round and a push to commercialize its lead eye implant therapy in the USA.

The series C round was led by an Australian sovereign wealth fund, with continued backing from Brandon Capital. St Peter replaces Vanessa Waddell, who transitions to chief strategy officer. With more than three decades of experience in ophthalmology-focused roles at Xequel Bio, Eyevance Pharmaceuticals, Sun Pharma and others, Mr St Peter is seen as a strategic addition as PolyActiva prepares for late-stage clinical development and US regulatory engagement.

The company’s lead product, PA5108, is a biodegradable implant that delivers latanoprost to reduce intraocular pressure (IOP) in patients with glaucoma or ocular hypertension. Phase IIa results showed sustained IOP reduction for six months following a single implant, with longer efficacy observed after repeat dosing. A Phase IIb trial is expected to begin in the third quarter of 2025 at clinical sites across the USA.