Ophthalmic diseases have a large global patient base. The pathogenesis of diseases such as age-related macular degeneration and diabetic retinopathy is complex, with significant unmet needs driving continuous capital investment into breakthrough therapies.Development.In the first half of 2025, at least 11 Chinese ophthalmic innovation drug companies received financing, with disclosed financing amount exceeding 800 million yuan.Innovative technologies such as gene editing, adenovirus (AAV) vector delivery, and stem cell differentiation platforms have become key focuses, targeting indications that are difficult to address with traditional therapies, such as corneal endothelial disorders and hereditary retinal diseases. This trend highlights the accelerated evolution of the ophthalmology field from conventional drugs towards precise and long-acting therapeutic paradigms.

• Gene Therapy Becomes a Key Focus:Four CompaniesFocusing on the gene therapy field, including Innovecbio, Jinweike Biotechnology, Jianda Jiuzhou, and Jinlan Gene. Three of them explicitly adopt AAV vector technology.This technology, due to its precise targeting of retinal cells and the long-lasting effect of a single dose, has become an excellent solution for treating hereditary retinal diseases.

• Innovations in Ocular Delivery Technologies Continue, Long-Acting Release Solutions Gain Attention:Five companies leverage drug delivery technology as one of their competitive advantages. For instance, Raytne has developed the biodegradable long-acting sustained-release platform iSus, which is expected to achieve drug delivery.Sustained release delivery over days to months per administration;iView Therapeutics Builds Ocular Drug Delivery Platform to Address Challenges Such as Poorly Soluble Drug Delivery; Innovecbio Simultaneously Tackles Tissue-Targeted Carrier Technologies, etc. These innovations directly address the pain points of frequent dosing associated with traditional eye drops.

• Fundus Vascular DiseaseFocus of Competition Among Multiple Technical Pathways:Four Companies of InterestAge-related macular degeneration (AMD), diabetic retinopathy, and other blinding fundus vascular diseases,Layout of different technical solutions. For example, OCULGEN develops bispecific antibodies to block the VEGF/complement pathway, Jinweike Biotechnology advances AAV gene therapy for neovascular AMD, and Raytne explores stem cell replacement therapy, etc.

OCULGEN:Ophthalmic Large Molecule Drug Development Company

On January 11, OCULGEN announced the completion of an A-round financing exceeding RMB 100 million. This round of financing was led by LongRiver Jiangyuan Investment, with participation from Nanshan Zhanxin Investment, Junshi Ventures, Boyuan Capital, and Qingsong Capital. The angel round shareholder, YuanSheng Ventures, continued to reinvest.

OCULGEN was founded in August 2022.Focus on the R&D of large-molecule innovative drugs for common fundus diseasesIts core product, OCUL101, is a dual-target triple-action innovative antibody that uniquely addresses three indications: neovascular age-related macular degeneration (nAMD), diabetic macular edema (DME), and geographic atrophy (GA). This product has been successively approved for clinical trials in the United States and China. In addition, OCULGEN has comprehensively laid out plans targeting various common fundus diseases, with multiple multi-antibody pipelines still in preclinical stages. These are expected to be submitted for IND applications in both the U.S. and China by the end of 2025.

Innovecbio:Gene Therapy and Delivery Technology R&D Company

On June 12, InnoVec Biotherapeutics announced the completion of a multi-million yuan A+ round of financing. This round was led by Tiantu Capital, with participation from new investors and existing shareholders. The funds raised will be mainly used for clinical validation and advancement of the company’s product pipeline, as well as innovation in its gene delivery platform.

InnoVec Biotherapeutics is a clinical-stage gene therapy company driven by vector innovation, dedicated to developing gene therapy delivery tools suitable for human use, enabling gene therapy to be widely applied to both rare and common diseases.Based on intravitreal drug delivery carriers, Innovecbio has developed a series of pipelines for rare and common ophthalmic diseases.These products are currently in Phase 1 clinical trials or IIT stage.

Jinweike Biotechnology:AAV Gene Therapy R&D Company

January 7th, Jinweike Biotechnology announced the completion of a multi-million yuan phased financing.This round of financing was jointly invested by Donghu Investment and Chuangtou Venture. The funds will accelerate the clinical translation and commercialization process of the AAV gene therapy pipeline.

Jinweike Biotechnology was established in 2017, building a technical platform centered on AAV capsid modification, gene expression cassette design, large gene delivery, and gene editing. Its product pipeline is focused on ophthalmic diseases, neuromuscular diseases, and inherited metabolic diseases. Recently, the companyNew Class 1 Drug JWK002 Injection Approved for Clinical TrialsProposed Development for the Treatment of X-Linked Retinoschisis(XLRS). This is an adeno-associated virus (AAV) gene therapy product. Through systematic design of targeted serotype screening and gene expression elements, it can efficiently restore the expression of RS1 protein in retinal cells, thereby improving the retinal structure and function of patients.

Raytne:Ophthalmic Drug Research and Development Company

News on January 18,Raytne Announces Completion of Tens of Millions of Yuan in Angel Financing. This round of financing was jointly completed by Qinzhi Capital, the National Innovation Center for High-Performance Medical Devices, JenKem Technology, and Daotong Investment. The funds will be used to advance clinical trials of the company's core pipeline, and accelerate the technical development and pipeline expansion of the iSus sustained-release platform.

Raytne was founded in 2021.Focusing on the core technology of biodegradable long-acting ocular drug delivery systems to address the challenge of frequent dosing with traditional eye drops.。The core platform technology iSus under its umbrella can achieve sustained drug release and delivery on the ocular surface and in the fundus for several days to months in a single administration, thereby significantly improving patient compliance with treatment and prognosis outcomes. According to the press release, the companyThe first product targets moderate to severe dry eye disease, with a single administration providing effects lasting for months, reducing the burden of multiple daily administrations for patients.

iView Therapeutics:Ophthalmic Drug Research and Development Company

News on January 17,iView Therapeutics announced the completion of its A++ round of financing, which was led by Chongqing Changsheng Shenghe Investment Fund, with follow-up investments from Hangzhou Jiurun Investment and Hangzhou Yilu Medical. Existing investors Proxima Ventures Fund I and Star Capital continued to support the investment.The proceeds from this round of financing will be used to advance the clinical trials and registration of the company's R&D pipeline projects.

iView TherapeuticsDedicated to the Development of Innovative Ophthalmic Drugs, through its proprietary ophthalmic drug delivery platform technology, aims to address challenges in long-acting drug delivery, poorly soluble drug delivery, and post-ocular drug delivery. Relying on this platform technology, the company has developed a robust pipeline covering major ophthalmic treatment areas including dry eye syndrome, acute conjunctivitis, myopia, glaucoma, presbyopia, and post-operative treatments for ocular diseases, with innovative drugs classified as Category I and II. In April, the companyiView Therapeutics announced that the U.S. FDA has granted Orphan Drug Designation to its developed IVIEW-1201 (1.0% povidone-iodine ophthalmic gel sterile solution) for the treatment of Fungal Keratitis. According to a press release by iView Therapeutics, this designation marks an important step for the company in addressing unmet medical needs in rare ophthalmic diseases and offers a potential innovative solution for the treatment of patients with fungal keratitis.

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