September 13,Michigan, ONL Therapeutics, a clinical-stage biopharmaceutical company developing novel therapies to protect the vision of patients with retinal diseases, announced the completion of a $65 million Series D financing. The financing was led by Johnson & Johnson Innovation – JJDC, Inc., with support from a consortium of investors including Bios Partners, Novartis Venture Fund, and Visionary Ventures.
David Esposito, CEO of ONL Therapeutics, stated:"We are very grateful to our new and existing investors who have enabled the company to realize its vision of helping patients see the future. This new round of financing provides an exciting opportunity for our company to advance the clinical development program of ONL1204."ONL Therapeutics will continue to collaborate with Johnson & Johnson's specialized ophthalmic R&D team, providing a forum for sharing insights on the company’s ongoing clinical development programs.ONL1204 is a novel, first-in-class small molecule Fas inhibitor designed to protect critical retinal cells, including photoreceptors, from cell death occurring under a range of retinal diseases and conditions. These retinal cells die through both direct and inflammatory signaling pathways, which are the root causes of vision loss and a leading cause of blindness.
ONL Therapeutics is the first and only clinical-stage company focused on a unique mechanism of action (MOA) to prevent Fas-mediated retinal cell death and inflammatory signaling pathways, which are the root causes of vision loss and blindness. In the Phase 1b clinical trial of ONL1204 ophthalmic solution in patients with GA associated with dry AMD, patients receiving ONL1204 showed a reduction in the growth rate of GA lesions after a single injection or two injections (spaced 90 days apart) at the 6-month treatment mark compared to sham patients. Consistent treatment effects were observed when comparing the treated eyes with fellow eyes.
David Zacks, Ph.D., Co-Founder and Chief Scientific Officer of ONL Therapeutics, said:"This new round of funding builds on the University of Michigan's support for breakthrough biomedical research, enabling us to further advance our unique and differentiated clinical program in GA, a condition responsible for nearly one-fifth of macular degeneration blindness cases. With ONL1204's unique MOA addressing neuroprotection and our compelling Phase 1 clinical data, we are excited to bring new innovation to GA patients around the world."
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