Funding backs CAMOMILE-2 study of Elate Ocular in 475 patients
Cambium Bio has secured an $10.85 million funding package to start a pivotal Phase 3 trial of Elate Ocular in moderate to severe dry eye disease.
On 16 September 2026, the Sydney-based company said the package includes $7.1 million in firm commitments from strategic shareholders and an $3.75 million secured facility.
Cambium Bio priced the placement at $0.48 per share, which was 4.3% above its last closing price. It described the raise as its fourth consecutive equity raising priced above market.
Meanwhile, the $3.75 million facility will pre-finance the company’s FY2027 Research and Development Tax Incentive refund and does not issue new shares.
Shareholders must still approve the placement at Cambium Bio’s 2026 annual general meeting.
CAMOMILE-2 targets late 2027 data
CAMOMILE-2 is planned as a single Phase 3 trial in 475 patients with moderate to severe dry eye disease. Trial initiation is targeted for the fourth quarter of 2026.
According to Cambium Bio, the U.S. Food and Drug Administration has confirmed that one pivotal trial would be enough to support a Biologics Licence Application.
Elate Ocular is a biologic derived from human platelet lysate. Cambium Bio also said the program holds FDA Fast Track designation.
Karolis Rosickas, Cambium Bio’s chief executive officer, said: “Our strategic shareholders have once again backed Cambium Bio at a premium to market, and that support now gives us the funding to start the pivotal trial of Elate Ocular®. Dry eye disease still has no approved biologic therapy.”
Rosickas said the company now has one pivotal trial agreed with the FDA, Fast Track designation and funding to begin that study. As a result, Cambium Bio is targeting topline data in late calendar 2027.
If the trial meets its co-primary sign and symptom endpoints, the company plans to file a Biologics Licence Application with the FDA in 2028.
Cambium Bio said no biologic therapy has yet been approved for dry eye disease. It added that Elate Ocular could be the first approved biologic in that treatment area.
