Lundbeck-backed Iconic Therapeutics, which aims to apply tissue factor biology to retinal disease and cancer treatments, has now raised $80m altogether.
US-based biopharmaceutical company Iconic Therapeutics closed a series C round featuring Osage University Partners at $48.5m after raising an additional $10m from the Malaysian government.
Xeraya Capital, a private equity and venture capital investor backed by the Malaysian government, was among the investors that added $10m to close the round.
As well as Xeraya, Lundbeckfond Ventures, the venture capital fund sponsored by Lundbeck, was among the investors in the round’s initial tranche, which closed in January this year, investing alongside HBM Healthcare Investments, Osage, Cormorant Asset Management, MPM Capital and H.I.G. Capital.
Iconic is working on drug treatments for retinal disease and cancer that incorporate research on tissue factor biology. The series C capital will support development of its lead molecule, ICON-1, for retinal diseases and the start of clinical trials for it in ocular melanoma.
The round took Iconic’s total funding to approximately $80m since it was founded in 2002. Lundbeckfond Ventures, MPM Capital and H.I.G Bioventures provided $20m in series B-1 capital for the company in 2014.
– This story was first published by our sister Global Corporate Venturing.
