Biopharmaceutical company PanOptica has raised up to $45m in a Series B financing, co-led by new participant Novo Ventures and existing investor Third Rock Ventures, alongside founding investor SV Life Sciences.
The company focuses on licensing and developing innovative ophthalmology therapies. The investment will fund the clinical program for its lead compound, a pharmacologically unique small-molecule selective inhibitor of VEGF (vascular endothelial growth factor) signaling being investigated as a topical (eye drop) treatment for neovascular age-related macular degeneration (neovascular AMD).
“We feel PanOptica has the right mix of proven medical, regulatory and commercial capabilities in its management team and expect that this compound will be a valuable addition to the AMD marketplace,” said Thomas Dyrberg, senior partner at Novo Ventures. “PanOptica has made significant progress in the first quarter of the year and is poised to make the transition to a development stage company,” said Kevin Starr, partner at Third Rock Ventures. “We are pleased that our continued support of PAN-90806 is a driving force in getting this treatment to patients who suffer from this debilitating disease.”
Copyright © 2014 AltAssets