Based on research from the universities of Bristol and Nottingham, Exonate has now raised $9m to develop a topical eye drop for conditions including diabetic macular edema.

Exonate, a UK-based macular degeneration medication developer based on research from the universities of Bristol and Nottingham, has closed a £1.5m ($1.9m) round backed by University of Bristol’s Enterprise Fund (UBEF) and multi-university venture fund Uniseed, according to Eyewire.
Martlet, the corporate angel investment division of aerospace, defence and property group Marshall of Cambridge, also invested  along with Angel CoFund, Wren Capital, O2h Ventures and undisclosed angel investors.
UBEF is a co-investment vehicle launched by University of Bristol under the management of Parkwalk Advisors, the fund management arm of commercialisation firm IP Group.
Founded in 2013, Exonate plans to treat retinal neovascular diseases with a topical eyedrop that stalls the formation of vascular endothelial growth factors, the over-expression of which is known to prompt the development of excess blood vessels in organs including the eyes.
The cash will help Exonate begin clinical studies of its lead candidate in 2020 targeting diabetic macular edema, a condition associated with diabetes that can cause blindness due to the retinal macular becoming clogged up with discharge from leaky blood vessels.
Exonate’s founding research was co-led by Steven Harper, a professor at Bristol’s School of Physiology, Pharmacology and Neuroscience, alongside David Bates, professor of oncology at University of Nottingham.
Exonate has now raised a total of $9m in funding, according to the press release. The total includes an undisclosed sum obtained from UBEF II in September 2018 and $1.9m from a 2016 round featuring Uniseed, UBEF, Martlet, Wren Capital, Angel CoFund and O2h Ventures.
Angel CoFund was also among the investors in Exonate’s $600,000 round the previous year, following a $640,000 seed round in 2013 that featured commercialisation firm Fusion IP, IP Group, University of Nottingham and unnamed angel investors.  Fusion IP is now owned by IP Group.
Exonate has also received support from the government-owned British Business Bank, though further details could not be ascertained.