ONL Therapeutics Raises $3 Million in a Convertible Note to Advance ONL1204 into First-In-Human Clinical Study
Lead candidate ONL1204 will advance to Phase I clinical study in retinal detachment in late 2019
ANN ARBOR, Mich., Aug. 22, 2019 (GLOBE NEWSWIRE) -- ONL Therapeutics, Inc., a biopharmaceutical company developing novel therapies for protecting the vision of patients with retinal disease, today announced it recently raised $3 million in a convertible note financing. Participation in the financing was a balance of current investors, ONL management, and new investors. Current investors included Invest Michigan, the University of Michigan’s Michigan Investment in New Technology Startups (MINTS) program, Invest Michigan, the Biosciences Research & Commercialization Center, and the Capital Community Angels. The largest new investor in the company is InFocus Capital Partners, a venture capital firm focused on unique investments in the ophthalmology market.
“ONL Therapeutics is developing first-in-class therapeutics to protect the vision of patients with retinal disease,” commented David Esposito, CEO of ONL Therapeutics. “We are grateful to our new and existing investors, who recognize the opportunity we have to make a meaningful difference in the lives of patients. The addition of InFocus Capital Partners to our list of investors will help us advance our efforts in the clinic and accelerate the raising of additional capital to accomplish our goals.”
ONL Therapeutics is currently preparing its lead compound ONL1204 for a Phase I study in retinal detachment to be conducted in Australia later this year. The company is embarking on a Series B round of financing to continue funding its clinical development plans for ONL1204 and expand the development pipeline of its platform of Fas inhibitors for use in a range of retinal disease indications.
“We are excited about the potential of ONL’s Fas inhibition platform to address some major unmet medical needs in retinal disease,” said Ron Weiss, Managing Partner of InFocus Capital Partners. “With its strong scientific foundation, compelling preclinical data, and leadership team’s depth of experience, ONL Therapeutics is well-positioned to bring these therapies to market. We are pleased to support ONL at this pivotal time.”
ONL1204 is a novel, first-in-class small molecule Fas inhibitor designed to protect key retinal cells, including photoreceptors, from cell death that occurs in a range of retinal diseases and conditions. Death of these retinal cells, through both direct and inflammatory signaling pathways, is the root cause of vision loss and the leading cause of blindness. The company’s ONL1204 development program focused its first indication on the treatment of retinal detachment, a condition for which the compound has been granted orphan drug designation by the United States Food and Drug Administration (FDA). Clinical trial plans are focused first on the acute indication of retinal detachment, with continuing preclinical work occurring to enable clinical trials in other disease indications, including glaucoma, age-related macular degeneration (AMD), and inherited retinal degeneration (IRD; also known as retinitis pigmentosa).
About ONL Therapeutics
ONL Therapeutics (ONL) is a biopharmaceutical company committed to protecting and improving the vision of patients with retinal disease. By advancing a novel breakthrough technology designed to protect key retinal cells from Fas-mediated cell death, ONL is pioneering an entirely new approach to preserving vision. ONL is developing a platform of products for use in a wide range of blinding diseases, including retinal detachment, glaucoma, AMD, and IRD.
For more information about ONL Therapeutics, please visit www.onltherapeutics.com.
About InFocus Capital Partners
InFocus Capital Partners is a venture capital firm focused on investing in innovative technologies in the ophthalmology market. The investment managers are uniquely positioned to source, understand, and evaluate ophthalmic investments due to their medical expertise, professional business development, and investment experience. InFocus founders are practicing physicians with deep venture experience, knowledge, and professional access.
For more information about InFocus Capital Partners, please visit www.infocuscapitalpartners.com.
Company Contact: ONL Therapeutics, Inc. Linda Kemnitz