Baxter confirms new investment in Ocular Therapeutix

Baxter has provided additional financing to the eye health specialist Ocular Therapeutix, with its Baxter Ventures subsidiary acquiring a minority equity stake in the firm.

The new funding will help to further the development of Ocular Therapeutix's sustained release drug programmes, including prostaglandin analogues for use against glaucoma and corticosteroids for treatment of postoperative inflammation and pain.

Additionally, money will be used to support the US commercial launch of the ReSure Sealant, which was recently approved by the Food and Drug Administration.

Based in Massachussetts, Ocular Therapeutix specialises in the development and commercialisation of ophthalmic therapeutic products using its proprietary hydrogel technology.

Geeta Vemuri, vice-president and head of Baxter Ventures, said: "Through our investment in Ocular Therapeutix, we are continuing to incubate innovation that has the potential to address areas of unmet need, provide sustainable long-term growth potential and offer a sustainable competitive advantage."

This comes after Baxter's board of directors approved a nine percent dividend increase last month.