Character Bio Raises $93M for AMD Therapies

Character Biosciences has closed an oversubscribed $93 million Series B financing round, which will accelerate the development of precision therapies for degenerative eye diseases, starting with age-related macular degeneration (AMD).

Advancing a Genetics-Driven Strategy in AMD

The funding will support the advancement of Character Bio’s lead programs, including CTX203 and CTX114, into clinical trials within the next year. These candidates represent a new class of therapeutics designed based on genetic subtyping of AMD.

• CTX114 is a complement inhibitor intended to slow the progression of geographic atrophy (GA) in patients with advanced dry AMD.

• CTX203 is a first-in-class lipid regulator aimed at preventing progression to advanced AMD.

“Millions of patients suffering from degenerative eye diseases lack effective treatments that delay disease progression,” said Cheng Zhang, CEO and Co-Founder of Character Biosciences.
“By identifying the genetic modifiers of disease progression, we can develop therapeutics that more precisely target the root causes and improve clinical outcomes.”

A Nationwide Observational Trial Fuels Discovery

Character Bio’s approach is enabled by a proprietary observational trial, involving partnerships with over 150 ophthalmology centers across the U.S.. The study integrates genetic, clinical, and imaging data from more than 6,500 consented patients.

This unique dataset allows Character Bio to:

• Reclassify AMD into genetically defined subtypes

• Identify and prioritize novel therapeutic targets

• Enhance patient selection for clinical trials

Strategic Investment and Industry Partnerships

The Series B round was co-led by new investors aMoon and Luma Group, with additional participation from:

• Bausch + Lomb

• Jefferson Life Sciences

Existing investors, including Innovation Endeavors, Catalio Capital Management, S32, and KdT Ventures, also contributed to the financing.

“The next frontier of precision medicine lies at the convergence of genomics, deep phenotyping, and AI applied to complex polygenic disorders,” said Reut Shema, PhD, Partner at aMoon.
“Character Bio is uniquely integrating these historically siloed disciplines to drive innovation in AMD treatment.”

Collaboration with Bausch + Lomb Expands Pipeline Potential

In January 2025, Character Biosciences announced a strategic collaboration with Bausch + Lomb, which includes:

• An upfront payment

• Milestone-based development and sales royalties

• A shared goal to bring novel AMD therapeutics to market

The Series B funding will also support Phase 1 and 2 proof-of-concept studies for CTX203 and CTX114, as well as the expansion of the company’s pipeline into additional ophthalmic indications.