Cellusion Secures $21 Million Funding to Advance iPS Cell-Derived Corneal Endothelial Cell Substitute

Cellusion, a Tokyo-based biotech company, announced the successful completion of its Series C Round financing, raising an impressive 2.83 billion yen, equivalent to $21 million. The primary focus of this funding is to accelerate the advancement of Cellusion's lead program, which centers around the development of a cutting-edge corneal endothelial cell substitute called CLS001.

The core objective of Cellusion's groundbreaking research is to tackle the critical challenge of corneal transplants, with approximately 13 million patients reported to be on the global waiting list. To address this issue, Cellusion employs its proprietary patented technique to efficiently produce CLS001 from induced pluripotent stem (iPS) cells. This funding boost will play a vital role in furthering the development and refinement of this innovative solution.

To date, Cellusion has reinforced its organizational structure for R&D and expanded overseas operations in Greater China through a license agreement executed with Celregen, a subsidiary of Fosun Pharma, in September 2022. In March 2023, Dr. Shigeto Shimmura, a professor from Fujita Health University and Keio University, who serves as our joint research partner, announced the successful first transplant of CLS001 to a patient in the First In Human Study.

Concurrently, Cellusion is making notable progress in domestic R&D. The raised funds will be utilized to advance preparations for company-sponsored clinical trials of CLS001 in Japan, along with facilitating preparations for global clinical trials. Additionally, the company will focus on promoting R&D of subsequent pipelines subsequent to CLS001.

Cellusion, up to this point, has successfully raised a total of 4.5 billion yen (equivalent to 33 million USD).

CLS001 represents a promising alternative to corneal endothelial cells, as it is derived from induced pluripotent stem (iPS) cells through Cellusion's proprietary technique for efficient differentiation into various cell types. The company is actively driving the development of CLS001 as a regenerative medicine product for bullous keratopathy, a condition that accounts for over half of all corneal transplant cases. This involves combining "CECSi cells made from iPS cells with excellent proliferative properties" and employing a straightforward injection-based cell delivery procedure that eliminates the need for specialized human expertise.

In addition, Cellusion is diligently preparing for company-sponsored clinical trials in Japan and taking steps to facilitate global clinical trials. These preparations are integral to the advancement of CLS001 as a potential therapeutic solution, bringing it closer to reaching patients in need.

The third-party allocation of shares in this round has attracted new investors, including investment limited partnerships operated by JIC Venture Growth Investments Co., Ltd., NISSAY CAPITAL Co., Ltd., SPARX Asset Management Co., Ltd. (Mirai Creation Fund III), Axil Capital Partners II LLP, Nikon-SBI Innovation Fund, and AIS CAPITAL LIMITED. Meanwhile, existing investors participating in this allocation are the investment limited partnerships operated by The University of Tokyo Edge Capital Partners Co., Ltd., DBJ Capital Co., Ltd., SMBC Venture Capital Co., Ltd., and Gemseki Inc.