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EyeBio Secures $130 Million to Accelerate Development of Restoret

EyeBio Secures $130 Million to Accelerate Development of Restoret

November 17, 2023

EyeBio announced the successful completion of an extension to its Series A financing, resulting in a total raised amount of $130 million to date. The funding will be utilized by EyeBio to accelerate the company's clinical development program and expand its retina pipeline.

New participants in the financing round, including Bain Capital Life Sciences, Omega Funds, and Vertex Ventures HC, joined existing investors SV Health Investors, Jeito Capital, Samsara Biocapital, and MRL Ventures Fund.

“We are extremely excited about the potential of our pipeline and progress to date,” David Guyer, MD, Chief Executive Officer and Co-Founder of EyeBio, said in a company news release. “The expansion of our Series A round in the current fundraising environment speaks to our investors’ enthusiasm for what the EyeBio team is accomplishing. We’re very fortunate to have the caliber of investors and board members that we do, and adding the resources and expertise of Bain Capital Life Sciences, Omega, and Vertex Ventures HC will enable us to deliver on the promise of EyeBio’s pipeline as quickly as possible.”

In addition to the Series A expansion, EyeBio has revealed the successful completion of enrollment in the multiple ascending dose (MAD) segment of AMARONE, the phase 1b/2a clinical trial investigating Restoret in patients with diabetic macular edema (DME) and wet age-related macular degeneration (AMD). Restoret, an investigational intravitreally delivered tri-specific antibody functioning as an agonist of the Wnt signaling pathway, aims to address residual fluid in the retina. The ultimate goal is to enhance visual acuity in individuals with wet AMD and DME, as well as in those with other retinal diseases involving permeability.

“Completion of Part 1 of the AMARONE trial is a major achievement for EyeBio and represents a significant milestone in our effort to bring innovative therapies to patients with retinal diseases,” said Tony Adamis, MD, Chief Scientific Officer and Co-Founder of EyeBio. “We hear constantly from retinal physicians about the need to drive better outcomes for their patients and the demand for novel approaches to treating serious retinal diseases. Restoret may be one such approach. It’s a first-in-class Wnt pathway agonist antibody that we hope can improve the outcomes and lives of patients with diabetic macular edema and neovascular age-related macular degeneration.”