Allegro Ophthalmics announced the completion of a private round of equity financing for $10.7 million. With this infusion of capital, the company is positioned to reach future corporate milestones. The company’s lead drug candidate, Luminate, has successfully met the endpoints for two phase 2 monotherapy studies for the treatment of diabetic macular edema (DME) and vitreomacular traction (VMT). In addition, topline results of its phase 2, stage 2 DME clinical trial in which Luminate is being evaluated in combination and as an adjunctive therapy with anti-VEGFs will soon be announced.
“The additional capital positions us well to complete multiple phase 2 clinical trials and prepare for phase 3 studies. This financing validates the potential for Luminate to be a valuable treatment option for patients with sight-threatening retinal diseases,” Vicken Karageozian, MD, president and chief medical officer, Allegro Ophthalmics, said in a company news release.
Luminate, a first-in-class integrin peptide therapy, treats vitreoretinal diseases by targeting integrin receptors involved in cell signaling and regulation and in the construction of new and aberrant blood vessels. By utilizing two mechanisms of action (vitreolysis and anti-angiogenesis), Luminate has been shown in clinical studies to effectively maintain and improve vision by regressing and inhibiting new blood vessel formation, as well as reducing vascular leakage. Currently in phase 2 clinical trials for multiple indications, Luminate is an investigational drug not approved by the FDA for commercial sale in the U.S. Allegro maintains commercial rights to Luminate in all territories outside of Japan, Korea and China.