iVeena Eyes Growth with New Leadership for Myopia Drug Trial

SALT LAKE CITY, UT – February 04, 2026 – Clinical-stage ophthalmology company iVeena Delivery Systems is strategically reinforcing its leadership team as it prepares to advance its pioneering pediatric myopia treatment into human trials. The company announced key executive promotions, positioning experienced leaders to guide its lead asset, IVMED-85, through the critical clinical development phase.

Effective immediately, Michael Burr has been promoted to Chief Operating Officer (COO), and Dr. Sarah Molokhia has been appointed Chief Scientific Officer (CSO). The move signals iVeena's transition from a research-focused entity to a clinical-stage powerhouse, with all eyes on the planned February 2026 start of a Phase 1 study for its novel eye drop.

A Strategic Pivot to Clinical Operations

The leadership shuffle is a deliberate move to align the company's operational and scientific capabilities with its ambitious clinical goals. Michael Burr, the new COO, will now oversee company-wide operations, a role for which his 15-year background in ocular drug development makes him uniquely suited. Previously the Vice President of Product Development, Burr was a key architect of iVeena's pipeline strategy, contributing to successful financing rounds and the crucial licensing of its keratoconus drug, IVMED-80, to industry giant Glaukos Corporation. His promotion reflects a focus on strategic execution as the company navigates the complex logistics of clinical trials.

Stepping into the CSO role, Dr. Sarah Molokhia will shape the company's scientific vision and research priorities. A registered pharmacist with a Ph.D. in pharmaceutical chemistry, Dr. Molokhia has been the driving force behind iVeena's research, including the IND-enabling work for IVMED-85. Her deep expertise in ocular drug delivery, honed over 12 years, and her success in securing competitive grant funding from the National Eye Institute, underscore her readiness to lead the scientific charge.

“Michael and Sarah are outstanding leaders whose contributions have been integral to iVeena’s progress,” said Barry Hannover, Co-Chair of the Board of iVeena, in the company's official statement. “As we enter the clinical phase of product development these promotions position the company for even greater success in bringing disease-modifying ophthalmic therapies to patients worldwide.”

Completing the strategic realignment, long-time COO Dr. Ned Weinshenker transitions to the vital role of Vice President of Chemistry, Manufacturing, & Controls (CMC). This move places a seasoned executive in charge of the critical process of ensuring the drug's quality, consistency, and scalability—a cornerstone of any successful clinical program and eventual commercial launch.

Targeting a Global Myopia Epidemic

iVeena's sharpened focus comes as the world grapples with a rapidly escalating public health crisis: pediatric myopia. Nearsightedness in children is no longer just a matter of getting glasses; it's a global epidemic. The World Health Organization projects that by 2050, nearly half the world's population—five billion people—will be myopic. The condition, characterized by the eyeball elongating over time, increases the risk of severe, vision-threatening diseases later in life, including retinal detachment, glaucoma, and myopic maculopathy.

Current treatments aim to slow the progression but come with drawbacks. Low-dose atropine eye drops, a common therapy, can cause light sensitivity and blurred near vision, with long-term effects still under study. Specialized contact lenses like Ortho-K or multifocals, while effective, require rigorous hygiene, carry risks of infection, and can be challenging for children and parents to manage.

This landscape reveals a significant unmet need for a safe, effective, and convenient therapy that does more than just manage the symptoms. The market for myopia control is expanding rapidly, with analysts projecting it to grow into a multi-billion dollar industry by the end of the decade. A non-invasive, non-atropine daily eye drop that addresses the underlying cause of myopia progression would represent a paradigm shift in pediatric eye care, offering hope to millions of families worldwide.

The Science of Sight: A First-in-Class Approach

What sets IVMED-85 apart is its innovative scientific foundation. Described by iVeena as a first-in-class new chemical entity, the preservative-free eye drop is designed to address the root biomechanical cause of myopia. Its mechanism of action centers on activating an enzyme called Lysyl Oxidase (LOX).

In a healthy eye, LOX is responsible for creating strong crosslinks between collagen fibers, the proteins that form the structural scaffolding of the sclera (the white of the eye). This crosslinking gives the sclera its strength and rigidity, helping it maintain a stable shape. In progressive myopia, this process is disrupted; the sclera weakens, thins, and stretches under normal eye pressure, leading to the axial elongation that defines the condition.

IVMED-85 aims to intervene directly in this process. By activating LOX, the drug is intended to increase collagen crosslinking, effectively strengthening the sclera from within. This biomechanical reinforcement could make the eye more resistant to elongation, potentially halting or even slowing the progression of myopia at its source. This approach is a fundamental departure from existing optical or pharmacological interventions, which do not directly target the structural integrity of the eye wall. This novel mechanism is supported by iVeena's patent portfolio, which details methods for treating myopia by modulating LOX activity.

Paving the Path to Market

With a positive engagement with the U.S. Food and Drug Administration (FDA) already secured and an open Investigational New Drug (IND) application in place, iVeena is poised to take the next crucial step. The company is preparing to initiate a Phase 1 clinical trial in February 2026 to evaluate the safety and dosage of IVMED-85 in healthy adult volunteers. This trial represents the first formal test of the drug in humans and a major milestone for the company.

Navigating the rigorous regulatory pathway for a first-in-class pediatric drug is a long and capital-intensive journey. However, iVeena appears well-positioned for the challenge. The company recently closed a $3 million Series B-2 financing round and has been awarded a $2 million grant from the National Eye Institute, demonstrating confidence from both private investors and federal research bodies.

Furthermore, the company's credibility is bolstered by its successful partnership with Glaukos Corporation for IVMED-80, an orphan drug for keratoconus that is also based on collagen crosslinking technology. This existing licensing agreement not only provides a source of validation for iVeena's scientific platform but also demonstrates the leadership team's ability to forge strategic alliances with major industry players. As iVeena's newly appointed leaders take their positions, the ophthalmology world will be watching closely as they guide a potentially transformative therapy from the laboratory toward the clinic.