Arctic Vision, a clinical-stage biotechnology company incubated by Nan Fung Life Sciences and Pivotal BioVenture Partners China in 2019, announced its $32 million Series A financing led by Morningside Ventures, together with its existing investors. Arctic Vision focuses on the development and commercialization of innovative ophthalmology therapies in China and Asia.
Arctic Vision will use the proceeds to gear up the clinical trials for ARVN001. ARVN001 is a proprietary suspension of the triamcinolone acetonide formulated for suprachoroidal space (SCS) administration via proprietary SCS Microinjector (known as Xipere in the US). The first pursued indication in China will be macular edema associated with uveitis (UME). This innovative therapy is developed by Clearside Biomedical. Arctic Vision has exclusive rights to develop and commercialize the product in Greater China and South Korea.
Arctic Vision also plans to use the proceeds to expand its product portfolio in ophthalmology, while building in-house R&D capabilities at the same time. The company’s goal is to address unmet medical needs in the ophthalmology field, and to bring in cutting-edge drug delivery technologies and treatment options to the Asian market, especially China.
“We welcome the investments from the leading biotech-focused venture capital firms. The Series A financing is an important step for us as an emerging biotech company to become an ophthalmology leader in the China and global markets,” Dr. Eddy (Hoi Ti) Wu, Founder and CEO of Arctic Vision, said in a company news release. “We see huge unmet clinical needs in ophthalmology in China. Therefore, we hope to bring more innovative and breakthrough treatments to our markets and continue to develop them for our patients. In future we will further explore gene therapies, innovative drug delivery systems and other cutting-edge technologies for the ultimate benefit of patients with eye diseases.”