For PolyActiva’s Chief Strategy Officer, Vanessa Waddell, 2025 was a career-defining year. With FDA approval granted to move into a US-based Phase 2b study, the company needed significant funding to progress, and succeeded in securing it.
The ophthalmic biotech closed a $40 million Series C in May, soon after the company’s glaucoma treatment, PA5108, delivered promising Phase 2a trial results.
PolyActiva develops fully biodegradable ocular implants using its proprietary Prezia™ drug delivery technology. Its lead candidate, PA5108, is designed to release glaucoma medication over time, replacing the burden of daily eye drops with a dissolvable implant.
It is a solution that could be life (and sight) changing, especially for the elderly. Beyond glaucoma, the company is building a pipeline of solutions for conditions such as post-cataract surgery care and paediatrics.
On the road
The fundraising journey began like many others: with a classic roadshow. Waddell and her team spoke to Australian and US venture capital firms, refined their story, and tested their value propositions.
While the support of existing investors provided a foundation, it was clear that new strategic partners were needed to match the scale of the company’s ambitions.
That opportunity came when PolyActiva pitched to the National Reconstruction Fund (NRF). To build the NRF’s confidence, Vanessa and the team emphasised their three strengths: compelling early-stage efficacy data, local R&D capabilities with a team of 25, and proprietary manufacturing processes that are difficult to replicate.
Tailoring to Audience Needs
Looking back, Waddell highlights the importance of tailoring messages to the audience’s needs. With the NRF, that meant emphasising PolyActiva’s local technical capability, its scalable platform technology, and its role in creating high-value Australian jobs.
“Really knowing your audience is everything,” she reflects. “I’ve learned to adjust how I communicate depending on who’s in the room. Whether they’re deeply familiar with ophthalmology or hearing about it for the first time.”
Lessons in Resilience
For Waddell, the raise was also a test of resilience. Not every pitch landed, but she learned to move quickly past rejection: “Just because one investor says no doesn’t mean the next one will. You have to get up the next day and keep going.”
She also stressed the importance of filtering feedback, taking on board advice that would move the company closer to its goals while not dwelling on criticism that wasn’t constructive.
Looking Ahead
With the Series C complete, PolyActiva has expanded on both sides of the Pacific, appointing a US-based CEO to lead an even larger planned raise for Phase 3 trials.
Locally, the R&D team continues to grow, building a multinational business based on Australian science.
For Waddell, the Series C is not the finish line but a launchpad: “The day the money landed, I told the team, ‘Now the real work begins, recruiting patients for clinical trials, expanding globally, and building solutions that can change patients’ lives.”
