Synakis, a Toronto-based developer of biomaterial treatments for ocular diseases, has raised C$2.6 million in pre-seed funding. The company is advancing proprietary hydrogels such as SNK-125, an injectable, biodegradable, and transparent hyaluronan-based material designed as a vitreous replacement in retinal surgery and for therapeutic delivery in glaucoma and retinal degenerative diseases. The capital will support advancement of SNK-125 through GLP toxicology studies ahead of a planned Health Canada filing.
Retinal Surgery Shifts Toward Biomaterials
The round closed amid growing interest in alternatives to traditional gas and silicone oil tamponades used in vitrectomy procedures. BIOPHTA raised €6.5 million in seed funding to advance its injectable biopolymer implants for sustained ocular drug delivery. Synakis differentiates its approach by combining vitreous replacement and drug delivery in a single non-swelling hydrogel that eliminates post-operative requirements such as blurry vision and face-down positioning.
Current Treatments Create Patient Burden
Retinal detachment surgery often relies on gas or silicone oil that can leave patients with impaired vision and uncomfortable recovery protocols for weeks. These limitations drive demand for biocompatible substitutes that better mimic native vitreous humor while enabling sustained therapeutic release. The broader ophthalmic drug delivery systems market stood at $18.22 billion in 2026 and is projected to reach $23.36 billion by 2030.
Injectable Hydrogel Targets Dual Use
Synakis is developing SNK-125 specifically for retinal detachment repair alongside SNK-225 for long-acting glaucoma treatment and SNK-325 for stabilized biologics in retinal degenerative diseases. Unlike larger players focused on biologic therapies or topical drops, the company targets the surgical setting with a pre-clinical platform that has shown long-term in vivo biocompatibility in peer-reviewed studies. The approach addresses both mechanical support during surgery and extended drug delivery.
As Thierry Nivaggioli, CEO, noted:
"This financing, together with independent validation, reinforces both the strength of our science and the unmet need for improved retinal therapies."
Regional Backing Signals Regulatory Path
Toronto Innovation Acceleration Partners and Chiefswood Private Capital co-led the round, with participation from the Ontario Centre of Innovation Life Sciences Innovation Fund and GlycoNet Kickstart Program. The investor mix reflects strong alignment with Canadian health science commercialization and provides non-dilutive support that positions Synakis for Health Canada regulatory engagement.
Ophthalmology Delivery Market Expands
The ophthalmic drug delivery systems market is expanding at a 6.6% CAGR, driven by aging populations and rising retinal disease incidence. Competitors include BIOPHTA with its €6.5 million seed round and public companies such as Oculis pursuing non-invasive delivery. Synakis stands out through its Canada-focused hydrogel platform and recent oversubscribed pre-seed close that validates the science for next-generation vitreous substitutes.
Next Milestones Focus on Toxicology
With the new funding, Synakis plans to complete GLP toxicology studies by early 2027 and prepare an Investigational Testing Authorization filing with Health Canada. The company is also hiring formulation scientists and presenting data at conferences including ARVO 2026 to advance its pipeline.