PainReform Ltd (Nasdaq:PRFX), a clinical stage specialty pharmaceutical company focused on the reformulation of established therapeutics, said on Wednesday that it has acquired a majority equity interest in LayerBio Inc, a privately held Boston biotechnology company specialising in sustained-release drug delivery for ophthalmology.

This investment will support the next US clinical trial of OcuRing-K, LayerBio's lead investigational product for pain and inflammation control after cataract surgery.

The global cataract surgery market is valued at USD9bn, with more than 4.5 million procedures performed annually in the United States, driven by ageing populations and broader surgical access. Current post-surgical care often relies on complex corticosteroid and NSAID eye drop regimens, which face compliance and efficacy challenges.

OcuRing-K is a bioerodible intraocular ring delivering ketorolac directly at the surgical site through a single application. Designed to replace daily drops, it offers sustained, localised, non-opiate, and non-steroidal therapy that integrates into existing surgical workflows.

LayerBio CEO and founder Dr Ken Mandell will continue to lead the company, advancing OcuRing-K toward FDA approval and exploring additional applications in glaucoma, corneal transplants, and anti-infective treatments.