Aurion Biotech, a US-based developer of ophthalmology-focused regenerative therapies, received $120m in funding from investors including eyecare product manufacturer Alcon yesterday.

The round was led by investment firm Deerfield Management and also featured Petrichor Healthcare Capital Management, Flying L Partners, Visionary Ventures and Falcon Vision, an ophthalmology-focused vehicle formed by investment firm KKR.

Founded in 2021, Aurion is developing a cellular therapy aimed at corneal oedema secondary to endothelial dysfunction, a condition leading to vision loss that can currently only be treated with a corneal transplant.

The company is in the process of filing for new drug applications in the US and in Japan, and will use the money to advance its lead product candidate.

The $120m will be provided in tranches as Aurion achieves key clinical and operational milestones. Andrew ElBardissi, partner at Deerfield Management, is joining Aurion’s board of directors along with Petrichor partner Patrick Lally.

Aurion has not disclosed details of earlier funding but identified Petrichor, Flying L Partners, Falcon Vision and Visionary Ventures as returning investors.

The original version of this article appeared on our sister site, Global University Venturing.

Aurion Biotech, a US-based ophthalmology-focused regenerative therapies developer based on work at Kyoto Prefecture University of Medicine, obtained $120m in funding yesterday led by Deerfield Management.

Eye care products developer Alcon took part in the round, as did Petrichor Healthcare Capital Management, Flying L Partners, KKR-backed Falcon Vision and Visionary Ventures.

Aurion Biotech’s initial programme is a cell therapy aimed at corneal oedema secondary to endothelial dysfunction, a condition that leads to vision loss and can currently only be treated with a corneal transplant.

The underlying work was pioneered by Prof Shigeru Kinoshita and colleagues at Kyoto Prefecture University of Medicine. Aurion is in the process of filing for new drug applications in the US and in Japan, and will use the money to advance its lead asset.

The $120m total will be made in tranches as the company achieves key clinical and operational milestones. Andrew ElBardissi, partner at Deerfield Management, and Patrick Lally, partner at Petrichor, will join Aurion Biotech’s board of directors.

Petrichor, Flying L Partners, Falcon Vision and Visionary Ventures were all identified as returning investors, but Aurion does not appear to have disclosed details of earlier funding.