BIF backs a home-use eye drop aimed at slowing keratoconus

BIF adds an ophthalmology spinout to its portfolio

Booster Innovation Fund (NZX:BIF) is putting $200,000 into TheiaNova, a University of Auckland research spinout developing a medicated eye drop for keratoconus and related eye conditions. The investment gives BIF a new exposure to early-stage ophthalmology, although the position is small enough to represent just 0.76% of the fund’s portfolio.

Founded in 2022, TheiaNova is working on a treatment that patients could administer at home. Its stated objective is to regenerate collagen in the cornea, strengthening and stabilising the tissue to help prevent further deterioration. The filing describes the intended treatment approach rather than reporting clinical efficacy, trial results or regulatory approval.

TheiaNova targets a difficult-to-treat eye condition

Keratoconus causes the clear front surface of the eye to thin and change shape, potentially resulting in permanent vision loss. Existing options rely on optical correction or procedures intended to stop progression, which Booster says can be costly, uncomfortable and difficult to access, with limited patient acceptability.

A self-administered treatment would address some of those practical constraints if TheiaNova’s approach proves effective. At this stage, however, the announcement provides no detail on the company’s clinical development timetable, regulatory pathway, intellectual property position or plans for commercialisation.

Small allocation limits immediate portfolio impact

After the transaction and the issue of additional BIF units used to fund the purchase, the fund’s net asset value stands at $26.4 million and its portfolio includes more than 35 active companies. The TheiaNova allocation is therefore unlikely to reshape BIF’s near-term portfolio economics on its own, but it illustrates the fund’s strategy of backing New Zealand businesses built around locally originated or developed intellectual property.

The next meaningful evidence will need to come from TheiaNova’s development work rather than the investment announcement itself. For BIF holders, the open questions are whether the eye drop can progress through testing and regulation, and how future portfolio valuations treat a company whose commercial prospects remain at an early stage.