ONL Therapeutics, Inc., a Michigan-based biopharmaceutical company which develops novel therapies for guarding the vision of patients with retinal disease, secures a US$ 46.9 million in a Series B financing round held in December 2020.
This investment round was led by new investors Bios Partners with other participants Johnson & Johnson Innovation – JJDC, Inc., Kaitai Capital, PSQ Capital, and Michigan Capital Network Venture Fund III. ONL Therapeutics management, InFocus Capital Partners, ExSight Ventures, the University of Michigan’s Michigan Investment in New Technology Startups (MINTS) program, Western Michigan University’s Biosciences Research & Commercialization Center, and the Capital Community Angels were the other investors who participated in the round.
Stella M. Robertson, PhD, co-founder of Bios Partners and a former vice president in R&D at Alcon Laboratories and Bill Burns, former CEO of Encore Vision, will also join the board of directors of ONL Therapeutics.
This funding encourages the fulfilment of a Phase 1 study in retinal detachment with ONL’s lead compound ONL1204. Also, the capital will improve ONL1204 in glaucoma and dry age-related macular degeneration. ONL1204 will be used in a Phase 1b study for open-angle glaucoma, a Phase 1b study in dry age-related macular degeneration and a repeat dose toxicology study to establish a hastened plan for chronic dosing in various retinal diseases.
What ONL Therapeutics has to say
David Esposito, chief executive officer of ONL Therapeutics commented, “ONL Therapeutics is developing first-in-class therapeutics to protect the vision of patients with retinal disease.”
“We are grateful to our new and existing investors, who recognize the opportunity we have to make a meaningful difference in the lives of patients. Bios Partners has been instrumental in working with our team to build the syndicate and strengthen our plans. We look forward to advancing our efforts in the clinic and helping patients in the years to come,” he also added.
Zacks, M.D., PhD, co-founder and chief scientific officer, ONL Therapeutics said, “Today marks a major milestone in the history of ONL Therapeutics as we secure the financing with industry-leading partners to advance our pipeline.”
“We see great potential in the role of Fas inhibition to provide neuroprotection in patients with retinal cell disease, and we look forward to accelerating our efforts in the clinic.” he also added.
About ONL1204
ONL1204 is a novel, small-molecule Fas inhibitor designed to protect key retinal cells, including photoreceptors, from cell death that occurs in a range of retinal diseases and conditions. The company’s ONL1204 development program focused its first indication of the treatment of retinal detachment. This is a condition for which the compound has been granted orphan drug designation by the United States Food and Drug Administration (FDA).
About ONL Therapeutics
ONL is a biopharmaceutical company committed to protecting and improving the vision of patients with retinal disease. It was founded in 2011 by David Zacks. The company is based in Michigan, USA
About Bios Partners
Bios Partners is a VC firm centred on investing in early-stage biopharmaceutical and medical device companies. It was founded in 2014 by Aaron Fletcher and is based in Fort Worth.
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