This week Aurion Biotech announced that it has secured $ 120 million in funding with top-tier investors in biotechnology and ophthalmology as it continues to focus on developing its therapy to preserve vision in patients.
The company noted that its first candidate is a cell therapy for the treatment of corneal edema secondary to endothelial dysfunction, developed by world-renowned ophthalmic surgeon and researcher, Professor Shigeru Kinoshita and his colleagues at Kyoto Prefecture University of Medicine. (KPUM) in Japan.
Related: Endothelial Cell Therapy: Up to 100 treatments from a human cornea
According to the company, it acquired this technology in 2020 and is currently preparing to submit a J-NDA for market approval in Japan and an IND to start clinical trials in the United States.
Aurion Biotech said in the press release that it intends to use the proceeds from this funding to advance its cell therapy program for corneal edema secondary to endothelial dysfunction, which affects approximately 16 million people in the United States, Europe and Japan. .
“Our funding speaks volumes about the potential of our cell therapy to transform the lives of millions of people suffering from corneal endothelial dystrophy,” said Greg Kunst, CEO of Aurion Biotech. “We are inspired and gratified by the strategic support, insights and depth of resources our investors bring to Aurion Biotech, all of which will help accelerate our momentum.”
Related: Aurion BioTech presents cell therapy results with published clinical data
According to the company, the funding was led by Deerfield Management and included existing investors Petrichor Healthcare Capital Management, Flying L Partners, Falcon Vision, an ophthalmology-focused investment platform backed by KKR, and Visionary Ventures, a major venture-focused fund. on ophthalmology creating value with better understanding. Alcon also participated in the financing. Funds will be disbursed to the company based on the achievement of key clinical and operational milestones.
Andrew ElBardissi, MD, partner of Deerfield Management, and Patrick Lally, partner of Petrichor, will join the board of directors of Aurion Biotech.
“We invest in experienced entrepreneurs, brilliant scientists and doctors, and disruptive technologies that meet the significant needs of unsatisfied patients,” ElBardissi said in a statement. “We believe Aurion Biotech has each of these key success factors and we look forward to supporting the next phase of growth and innovation for the company.”
Raymond James was Aurion Biotech’s financial advisor in connection with this offering.