U-M's retinal disease drug developer has secured $46.9m of series B capital from investors including Mints.
ONL Therapeutics, a US-based retinal diseases therapy developer spun out of University of Michigan, has closed a $46.9m series B round featuring the institution’s Michigan Investment in New Technology Startups (Mints) programme.
Western Michigan University’s Biosciences Research & Commercialization Center also took part in the round.
The round was led by venture capital firm Bios Partners and included Johnson & Johnson Innovation – JJDC, the investment arm of medical products group Johnson & Johnso, Kaitai Capital, PSQ Capital, Michigan Capital Network Venture Fund III, InFocus Capital Partners, ExSight Ventures and Capital Community Angels.
ONL is developing eye disease treatments designed to protect photoreceptor cells from inflammation and self-programmed destruction. The funding will fund early clinical testing of its lead candidate, ONL1204, in retinal detachment, open-angle glaucoma and dry age-related macular degeneration.
Stella Robertson, co-founder of Bios Partners, has joined the board of directors at ONL together with Bill Burns, former CEO of eye disease drug developer Encore Vision.
Mints had taken part in a $4.3m series A round in 2017 alongside Biosciences & Research Commercialization Center, pharmaceutical firm Novartis, Invest Michigan, Capital Community Angels and Hestia Investments.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
