PanOptica has raised $45 million in series B financing to fund the clinical program for a small-molecule selective inhibitor of VEGF signaling, according to a press release.
The compound, PAN-90806, is being investigated as an eye drop treatment for neovascular age-related macular degeneration.
The first patient has been dosed with PAN-90806 in a phase 1 clinical trial, a 2-month open-label study in approximately 30 patients at 15 to 20 clinical sites in the U.S. Primary outcomes are safety and tolerability at three dosage strengths in patients with active subfoveal choroidal neovascularization associated with neovascular AMD. PanOptica expects study data by the end of the year, the release said.
Novo Ventures and Third Rock Ventures co-led the financing round, which included SV Life Sciences.