Arctic Vision Secures $32 Million Series A Financing to Advance Innovative Ophthalmic Therapies

Shanghai, China, July 14, 2020—ArcticVision (“ArcticVision” or the “Company”), an early-stage company focused on innovative ophthalmic therapies, today announced that it has reached an agreement on a USD 32 million Series A financing round. The round was led by Morningside Ventures, with follow-on investments from its original incubation investors, Nan Fung Life Sciences and Pivotal BioVenture Partners China. All three institutions are committed to building outstanding companies in the global life and health sector over the long term.

With the funds raised from this financing round, the company will advance the clinical trials of ARVN001. ARVN001 is a triamcinolone acetonide suprachoroidal injection suspension (known as XIPERE™ in the United States) administered via suprachoroidal injection. Its first indication under regulatory review in China is uveitic macular edema (UME). This innovative ophthalmic therapy was developed by Clearside Biomedical, Inc. (NASDAQ: CLSD), and Arctic Vision holds exclusive rights to develop and commercialize it in Greater China and South Korea.

Furthermore, Arctic Vison plans to leverage the funds raised from this offering to acquire additional ophthalmic R&D pipelines and innovative product portfolios, while progressively strengthening its in-house R&D capabilities. This strategy aims to address unmet medical needs in ophthalmology and bring cutting-edge innovative drug delivery technologies and treatment solutions to the Asian market, particularly China.

Dr. Eddy Wu, Founder and CEO of Arctic Vision, stated, “We welcome significant investment from top-tier global biotech venture capital firms, marking a crucial step for Arctic Vision, as a young biotechnology enterprise, in its journey toward becoming a leader in the ophthalmology market in China and worldwide. In the field of ophthalmology, there remains a substantial amount of unmet clinical treatment needs. We aim to introduce and continuously develop breakthrough new ophthalmic drugs and therapies. In the future, we will also continue to explore high-tech areas such as gene therapy and innovative drug delivery technologies, to maximize benefits for patients with eye diseases and society as a whole, enabling everyone to see more clearly.”

“We have great confidence and high expectations in Arctic Vision’s advancement of the clinical trials for its ophthalmic product, ARVN001, in China, as there is an urgent need for innovative treatments among uveitis patients in the country,” said Ms. Shen Lili from Morningside Venture Capital. “Furthermore, the background of Arctic Vision’s management team is impressive. Its founder and CEO, Dr. Eddy Wu (Hu Haidi), brings extensive industry experience in the global and Chinese ophthalmology sectors, along with startup management expertise. Moreover, the entire executive team possesses rich global experience from top-tier ophthalmic companies such as Alcon and Allergan, as well as a proven track record of successfully launching ophthalmic products in the Chinese market. We are delighted to collaborate with the Arctic Vision team led by Dr. Eddy Wu. Morningside Venture Capital is deeply committed to the medical innovation sector, actively investing across various therapeutic areas, and dedicated to growing alongside premier companies. We will provide robust support in terms of capital and resources to help Arctic Vision accelerate its development and benefit patients.”

Commenting on this investment, Ms. Qian Jing, Partner at Dingsheng Life Sciences China, stated, “We are delighted to continue supporting Arctic Vision. From the outset, both Dingsheng Life Sciences and our group company, Nanfeng Life Technologies, chose to enter the specialized field of ophthalmology to build a competitive enterprise, with the hope that Arctic Vision will become a model for innovation in ophthalmic treatment in China and across Asia. Currently, ophthalmology has become a global hotspot in biotechnology; however, existing ophthalmic technologies and therapies in China lag far behind those in developed markets. Physicians often lack timely access to the latest cutting-edge tools for treating patients, and there is an urgent need among patients with eye diseases for innovative therapeutic drugs and interventions. We look forward to seeing Arctic Vision make significant strides in the field of ophthalmology!”

Arctic Vision is a novel drug development company that has entered the clinical development stage, focusing on breakthrough ophthalmic new drugs with high commercial value to address unmet clinical treatment needs in eye diseases. It is committed to becoming a leading ophthalmic enterprise in China and spearheading the Chinese ophthalmic treatment market. Starting with a product licensing-in model, the company has established a product pipeline covering a comprehensive range of ophthalmic disease categories with rights in China and other Asian regions, and gradually expanded to a portfolio with global rights through continuous product introductions and the development of an internal novel drug R&D platform. Arctic Vision has received support from top-tier life science venture capital firms and possesses extensive resources in the ophthalmic markets of China, Europe, and the United States.

Morningside Venture Capital was founded in Boston, USA, in 1986 by the Chen family of Hong Kong. The Chen family established Hang Lung Group in Hong Kong in 1960. Since its inception, Morningside Venture Capital has consistently focused on and prioritized cutting-edge developments in the global biopharmaceutical and healthcare sectors, with its portfolio companies operating and invested in across North America, Europe, and Asia. Since 1992, Morningside Venture Capital has also entered the mainland China market, actively investing in early-stage innovative and disruptive medical technologies and healthcare service models. The firm brings together a team of investors who possess both deep industry technical expertise and extensive venture capital management experience. To date, Morningside Venture Capital has invested in over one hundred early-stage healthcare-related projects in China.

Backed by the substantial financial resources of the Nan Fung Group, NF Life Sciences is a global investment platform in the life sciences sector. The team possesses diverse and extensive experience in company formation, venture capital, value/mergers and acquisitions (M&A) investment, and drug development. Through direct investments and specialized fund investments via its US and China divisions, NF Life Sciences’ portfolio covers a comprehensive range of life science topics, including therapeutics, medical devices, and medical diagnostics, with projects spanning various stages of development.

Dingfeng Life Science Capital is a subsidiary of Nanfeng Life Sciences Group Limited (“Nanfeng Life Sciences”), the global life sciences investment arm of Hong Kong’s Nan Fung Group. Founded by Mr. Zhang Shicheng, Managing Director and Chief Operating Officer of Nan Fung Group and Chairman of Nanfeng Life Sciences, Dingfeng Life Science Capital is dedicated to sourcing innovative products and technologies worldwide and establishing a portfolio of leading biopharmaceutical companies across the Pan-Pacific region. Its mission is to meet the growing healthcare demands of the global market, with a particular focus on China. The firm’s investment scope spans multiple related sectors, including biopharmaceuticals, medical devices, and healthcare services.