Australia-based Cambium Bio Limited (ASX: CMB) announced a combined AUD 10.85 million funding package to initiate its pivotal Phase III trial of Elate Ocular (CAM-101) in moderate to severe dry eye disease — an indication where, according to the company, no biologic therapy has received regulatory approval.
The package comprises two components: AUD 7.1 million (USD 5 million) raised through a strategic shareholder placement at AUD 0.48 per share, a 4.3% premium to the last closing price, and an AUD 3.75 million secured facility that pre-finances the company's FY2027 Research and Development Tax Incentive refund. The placement is conditional on shareholder approval at Cambium Bio's 2026 Annual General Meeting.
Elate Ocular is a topical ophthalmic biologic derived from human platelet lysate, developed on Cambium Bio's proprietary Aurarix FD-hPL platform. The company has designed a single pivotal study, CAMOMILE-2, enrolling 475 patients, which the US FDA has confirmed is sufficient to support a Biologics License Application (BLA) filing. The program holds FDA Fast Track designation. Trial initiation is targeted for Q4 2026, with topline data expected in late 2027 and a BLA submission planned for 2028.