The Medical Research Commercialisation Fund has supplied series A capital to Okogen as the company partners University of Sydney to develop a treatment for viral conjunctivitis.
Okogen, a US-based developer of treatments for eye diseases, raised A$13m ($10m) in a series A round today from Medical Research Commercialisation Fund (MRCF), managed by Brandon Capital.
Founded in 2016, Okogen is working on treatments for ocular infections. The company’s lead candidate, OKG-0301, functions within cells to prevent viruses from replicating.
The treatment is initially being targeted at adenoviral conjunctivitis, a leading cause for eye infections that does not currently have an approved therapy.
The series A funding will go towards further clinical research and phase 2 trials at hospitals in New South Wales and across Australia.
Okogen is collaborating with Stephanie Watson, professor at Sydney Eye Hospital and Save Sight Institute at University of Sydney. Watson will act as principal investigator.
Brian Strem, chief executive of Okogen, said: “This investment enables Okogen to drive OKG-0301 through clinic studies and provide evidence as to its efficacy in the treatment of ophthalmic viral infections.
“We are thrilled with the opportunity to work with the depth of resources and talent at Brandon Capital to enhance Okogen’s ability to successfully drive the development of OKG-0301.”
MRCF is an A$200m vehicle established in 2007 to invest in spinouts from Australian medical research institutes and allied research hospitals. Its limited partners include the Australian government as well as pension funds AustralianSuper, Statewide Super, Hesta and Hostplus.