IP Group and V-Bio have backed a round that will support phase 2 trials for a treatment for diabetic macular edema.
Oxular, a UK-based retinal therapeutics developer, received $37m in a funding round yesterday backed by commercialisation firm IP Group and V-Bio Ventures, a venture fund affiliated with VIB.
Venture capital firm Forbion Capital Partners led the round, which also featured investment firm NeoMed.
Founded in 2014 as Precision Ocular, Oxular is developing therapies for retinal disease. Its drug administration technology is able to continuously deliver formulations over the course of up to a year and directly to the relevant tissue in the eye.
The company’s pipeline includes assets aimed at conditions such as diabetic macular edema and age-related macular degeneration, as well as other indications, including ocular cancers.
The funding has been allocated to the phase 2 clinical development of Oxular’s lead programme, OXU-001, targeting diabetic macular edema, the leading cause of blindness in young adults. It will also support an accelerated development of its early-stage pipeline.
Dmitrij Hristodorov, principal at Forbion, will join Oxular’s board of directors.
Thomas Cavanagh, chief executive of Oxular, said: “We are pleased to add such a renowned investor as Forbion to our already supportive investor base, including IP Group, NeoMed, and V-Bio Ventures.
“These are experienced healthcare investors who see the potential of Oxular’s disruptive technology and innovative treatment approach – which is, tissue-specific delivery of potent drug products that safely provide up to 12-months’ treatment durability for retinal disease.”
Oxular completed a $20.6m series A round in 2016 backed by V-Bio Ventures, NeoMed and Imperial Innovations, the commercialisation firm since acquired by IP Group.
Drug encapsulation company Hovione Scientia and Consort Medical, a contract drug developer and manufacturer since acquired by its peer Recipharm, also backed the series A round.
