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…

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