Iconic Therapeutics completed a $20 million series B-1 equity financing to fund a clinical study of a recombinant human chimeric protein therapeutic that may treat age-related macular degeneration, according to a press release.
MPM Capital, Lundbeckfond Ventures and H.I.G. BioVentures were involved in the round of financing.
The therapeutic, hI-con1, is licensed from Yale University. It binds tissue factor, which promotes inflammation and angiogenesis, telling the immune system to selectively destroy pathologic neovascular blood vessels, such as choroidal neovascularization associated with wet AMD, according to the release. It may also reduce VEGF levels.
Iconic completed a phase 1 clinical trial in the U.S. and is currently planning an international phase 2 study, the release said.