ONL Therapeutics Raises $46.9 Million In Series B Funding

By Amit Chowdhry ● Jan 13, 2022
  • ONL Therapeutics recently announced it raised $46.9 million in funding. These are the details.

ONL Therapeutics – a clinical-stage biopharmaceutical company developing novel therapies for protecting the vision of patients with retinal disease – announced recently that it has closed on its second tranche of the company’s Series B financing. The total proceeds from the round raised in the Series B was $46.9 million.

The funding included lead investor Bios Partners and additional new investors Johnson & Johnson Innovation – JJDC, Inc., Kaitai Capital, PSQ Capital, and Michigan Capital Network Venture Fund III; and continuing investors InFocus Capital Partners, ExSight Ventures, the University of Michigan’s Michigan Investment in New Technology Startups (MINTS) program, Western Michigan University’s Biosciences Research & Commercialization Center, and the Capital Community Angels.

Along with completing the Phase 1 studies across three indications, the second tranche of financing also supports the Company’s regulatory plans to prepare for Phase 2 programs in the United States.

KEY QUOTES:

“We are excited to have reached our critical 2021 milestones, advancing ONL1204 into open-angle glaucoma and GA associated with dry AMD. With the support of our investors, we are grateful for the opportunity to further expand our development program into two chronic indications, each with significant unmet medical needs, while also working to close out our Phase 1 study in retinal detachment.”

— David Esposito, Chief Executive Officer of ONL Therapeutics

“Based on the current data being generated across three indications, Bios Partners remains enthusiastic about the potential for ONL1204, with its novel mechanism of action, to play a critical role in meeting the large unmet clinical need in retinal degenerative and neurologic diseases.”

— Stella Robertson, Ph.D., co-founder of Bios Partners and member of the board of directors of ONL Therapeutics

“The potential role of Fas inhibition to provide a novel therapeutic approach for patients with retinal diseases such as glaucoma and GA is at the core of our mission. We are taking important steps forward on our clinical development pathway and our ultimate goal of bringing new neuroprotection therapies to market.”

— David Zacks, M.D., Ph.D., co-founder and Chief Scientific Officer of ONL Therapeutics