Exonate announces the successful closing of its fourth financing round, raising £1.5 million. The funds raised will be used to accelerate the development of Exonate’s lead product, an eye drop for the treatment of retinal neovascular diseases. The company continues to make substantial progress and in February 2018, achieved a key milestone with the nomination of its preferred compound for preclinical development. Development of this lead product is on track to enter clinical trials in the first indication, diabetic macular edema (DME), in 2020, according to a company news release.
Exonate’s strategy is to introduce a game-changing topical eye drop for the treatment of retinal vascular diseases. The company has developed small molecules that inhibit the production of pro-angiogenic VEGF through the selective inhibition of serine/threonine-protein kinase (SRPK1)-mediated VEGF splicing. Already these inhibitors have demonstrated superior efficacy as topical agents in preclinical models of wet age-related macular degeneration (AMD), according to a company news release.
“I am very pleased with the successful closing of this funding round. We would like to take this opportunity to thank our shareholders, both existing and new, for their continued support and belief in our strategy, science and team,” Dr. Catherine Beech, CEO of Exonate, said in a company news release. “Exonate believes that our approach to retinal diseases has the potential to significantly improve patients’ lives by providing greater efficacy of a drug, and an alternative option to the current treatment of injections straight into the eye. The monies raised will enable us to progress the first of our innovative treatments towards clinical development.”
In addition to the Angel CoFund, the company received further investment from Australian venture fund Uniseed; University of Bristol Enterprise Fund, managed by Parkwalk; Martlet of Cambridge; Wren Capital; O2h Ventures; as well as further Angel investors. The Company has raised approximately £9 million in total to date.