What iVeena does

iVeena Delivery Systems, Inc. is a privately held, clinical-stage ophthalmology biopharmaceutical company founded in 2015 as a spin-out from the University of Utah's Moran Eye Center, headquartered in Salt Lake City, Utah. The company develops disease-modifying pharmacologic therapies for refractive eye diseases, anchored by a proprietary platform based on lysyl oxidase (LOX) enzyme activation that strengthens collagen crosslinks in scleral and corneal tissues. Its lead programs include IVMED-85, a first-in-class, preservative-free, non-atropine daily eye drop for pediatric myopia currently in Phase 1 clinical trials, and IVMED-80, an FDA Orphan Drug Designated daily eye drop for keratoconus that has been exclusively licensed globally to Glaukos Corporation. Additional pipeline assets include IVMED-10 and IVMED-20 sustained-release dexamethasone implants placed in the lens capsule during cataract surgery, and IVMED-95 for adult low myopia.

iVeena's underlying technology spans two distinct approaches: the LOX activation platform (IVMED-80, IVMED-85, IVMED-95) for disease modification in refractive conditions, and an intracapsular drug delivery platform licensed from the University of Utah that uses the lens capsule as a reservoir to deliver medication to both anterior and posterior eye segments. Patent protection on IVMED-80 compositions and formulations extends through at least 2041, and Phase 1/2a clinical data demonstrated a 1.8D mean reduction in Kmax and 11.3-letter BCVA improvement in keratoconus patients with no treatment-related adverse events.

The company operates a capital-efficient out-licensing business model, developing clinical-stage assets through proof-of-concept milestones before partnering with larger pharmaceutical companies for commercialization. Its primary revenue mechanism is licensing royalties and milestone payments, anchored by the 2022 Glaukos agreement which delivered a $10M upfront payment with potential for up to $90M in development and sales milestones plus royalties. The company supplements equity financing with non-dilutive federal grants from NIH/NEI and NSF, having secured over $2.6M in SBIR awards. Target customers are patients with progressive pediatric myopia, keratoconus, and post-cataract surgical inflammation, served indirectly through licensing partners rather than direct sales.

Name

iVeena

Legal name

iVeena Delivery Systems, Inc.

Website

https://iveenamed.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

iVeena Delivery Systems is a clinical-stage ophthalmology biopharmaceutical company developing disease-modifying eye drops and sustained-release implants for pediatric myopia, keratoconus, and post-cataract inflammation, using a proprietary LOX enzyme activation platform licensed out to partners like Glaukos Corporation.

Ownership category

akta.pro rank

Product category

Ophthalmic Pharmaceuticals

NAICS

Ophthalmic Goods Manufacturing (339115), Electromedical and Electrotherapeutic Apparatus Manufacturing (334510)

SIC

Pharmaceutical Preparations (2834), Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

Ophthalmology Pharmaceuticals (HLAIAAAL)

akta.pro secondary industries

Cataract Surgery Systems & IOLs (Phaco Systems, IOLs, Intraoperative Aberrometry, Viscoelastics) (HLAHAJAH), Ocular Drug Delivery Devices (Eye Droppers/Inserts) (HLAHAIAL)

Keywords

• Ocular drug delivery
• Ophthalmic pharmaceuticals
• Keratoconus treatment
• Myopia control eye drops
• Intracapsular drug implants

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Licensing Royalties: iVeena licenses its developed products to pharmaceutical marketing partners. The IVMED-80 licensing agreement with Glaukos Corporation includes $10M upfront payment, potential development and sales milestone payments, and royalties on sales.
2. Non-dilutive Grant Funding: The company secures NIH, NEI, and NSF SBIR grants to fund development activities, including $3M Series B-2 financing and various federal grants totaling over $2M.
3. Future Product Licensing: Company structured to develop candidates through clinical trials then out-license to pharmaceutical partners for commercialization.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

iVeena develops disease-modifying pharmacologic ophthalmic products, including investigational eye drops (IVMED-85 for pediatric myopia, IVMED-80 for keratoconus) and bioerodable intracapsular dexamethasone implants (IVMED-10 and IVMED-20) for post-cataract inflammation. The company operates as a clinical-stage biopharmaceutical firm that advances proprietary candidates through clinical trials and out-licenses them to pharmaceutical marketing partners for commercialization.

Product overview

iVeena Delivery Systems is a privately held, clinical-stage ophthalmology company developing disease-modifying pharmacologic innovations for refractive eye diseases. The company operates a platform of novel proprietary eye drops with lead programs IVMED-85 (pediatric myopia) and IVMED-80 (keratoconus, licensed to Glaukos). Additional pipeline includes IVMED-10 and IVMED-20 (sustained-release dexamethasone implants for post-cataract inflammation), and IVMED-95 (adult low myopia). The company also developed an intracapsular drug delivery platform technology for anterior and posterior eye segment medication delivery.

Differentiator

Problem solved

Functional benefit

Products and services

• IVMED-85 First-in-class, preservative-free, non-surgical, non-invasive, non-atropine daily prescription eye drop for pediatric myopia that strengthens scleral and corneal collagen crosslinks through lysyl oxidase (LOX) activation to prevent myopic progression and decrease axial elongation rate. IND submitted to the FDA in June 2025.
• IVMED-80

Quantifiable outcome

• Phase 1/2a IVMED-80 trial: 1.8D mean reduction in Kmax, 11.3 letter BCVA improvement, no treatment-related adverse events
• +2 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Glaukos CorporationcoreOEM/ Whitelabel/ Licensing Partner · 24 August 2022Strategic licensing agreement granting Glaukos Corporation exclusive global license to develop and commercialize IVMED-80 for keratoconus treatment. Glaukos paid $10 million upfront and assumes all costs for development and regulatory activities. Deal terms include development and sales milestone payments plus royalties on sales.
• University of Utah / Moran Eye CentercoreStrategic or Co-development PartnerTechnology licensed from University of Utah Moran Eye Center. Company was formed to commercialize technology from this institution. Dr. Balamurali Ambati and Dr. Sarah Molokhia have affiliations with the University of Utah.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/iveena

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds7 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about iVeena