Post-IPO Executive and VC Co-Investment in Company Stock... Billions Bet on Ophthalmology and Biotech Startups

Khan Bilal Arshad, CEO of New World Medical, increased his economic stake in ophthalmic drug developer SpyGlass Pharma, Inc. (NASDAQ: SGP) by purchasing approximately 135,000 common shares—both directly and indirectly—on February 9 at the IPO price of $16 per share. The total investment amounted to about $2.16 million (roughly KRW 30 billion).

On the same day, existing major investor Vensana Capital automatically converted its pre-IPO preferred shares into approximately 3.04 million common shares and bought an additional 165,000 shares at the IPO price, bringing its total common shareholding to about 3.31 million shares.

As part of the IPO closing process, SpyGlass Pharma appointed Habib Dable as an independent director and granted him stock options on February 5. On February 9, the company’s amended bylaws and internal regulations took effect, formally establishing its corporate governance framework.

Through its Nasdaq listing on February 9, SpyGlass Pharma issued 10,781,250 common shares at $16 each, raising approximately $172.5 million (about KRW 230 billion). Since the offering, the share price has climbed more than 50% above the IPO price and is currently trading around $28.

Headquartered in Aliso Viejo, California, SpyGlass Pharma is a late-stage biopharmaceutical company founded in 2019. It develops sustained-release ophthalmic drug–delivery platforms—most notably the BIM-IOL system, which secures a drug-laden pad to the intraocular lens implanted during cataract surgery to lower intraocular pressure over an extended period. The company aims to transform the treatment paradigm for chronic eye diseases such as open-angle glaucoma and ocular hypertension.