ONL Therapeutics closes $46.9 million in financing
ONL Therapeutics has closed its second tranche of Series B financing, which totaled $46.9 million, according to a press release.
In addition, the company has advanced its lead candidate, ONL1204 ophthalmic solution, into indications of open-angle glaucoma and geographic atrophy associated with age-related macular degeneration.
ONL1204 is “a novel, first-in-class 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 release said. The financing will enable the company to complete phase 1 studies and prepare phase 2 programs in the U.S.
“With the support of our investors, we are grateful for the opportunity to further expand our development program into two chronic indications, each with significant unmet medical needs, while also working to close out our phase 1 study in retinal detachment,” David Esposito, CEO of ONL Therapeutics, said in the release.
New investors included Johnson & Johnson Innovation – JJDC, Inc., Kaitai Capital, PSQ Capital and Michigan Capital Network Venture Fund III. Continuing investors included InFocus Capital Partners, ExSight Ventures, the University of Michigan’s Michigan Investment in New Technology Startups program, Western Michigan University’s Biosciences Research & Commercialization Center and Capital Community Angels.