The Novartis-backed retinal disease drug developer has secured $46.9m of series B capital from investors including Johnson & Johnson Innovation – JJDC.
US-based retinal disease therapy producer ONL Therapeutics has closed a $46.9m series B round featuring Johnson & Johnson Innovation – JJDC, the investment arm of medical products group Johnson & Johnson.
The round was led by venture capital firm Bios Partners and included University of Michigan’s Mints fund, Western Michigan University’s Biosciences Research & Commercialization Center, Kaitai Capital, PSQ Capital, Michigan Capital Network Venture Fund III, InFocus Capital Partners, ExSight Ventures and Capital Community Angels.
ONL is developing eye disease treatments designed to protect photoreceptor cells from inflammation and self-programmed destruction. The funding will fund early clinical testing of its lead candidate, ONL1204, in retinal detachment, open-angle glaucoma and dry age-related macular degeneration.
Stella Robertson, co-founder of Bios Partners, has joined the board of directors at ONL together with Bill Burns, former CEO of eye disease drug developer Encore Vision.
Novartis had taken part in the company’s $4.3m series A round in 2017 alongside Mints, Biosciences & Research Commercialization Center, Invest Michigan, Capital Community Angels and Hestia Investments.
