ONL Therapeutics Secures $3 Million Funding to Advance ONL1204 for Retinal Detachment Treatment

On August 26, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biopharmaceutical company ONL Therapeutics (ONL) announced the completion of a $3 million financing round (the specific round was not disclosed). Investors in this round included InFocus Capital Partners, Invest Michigan, Capital Community Angel Investors (CCAI), and the Biosciences Research & Commercialization Center (BRCC).

ONL plans to use the proceeds from this round of financing to conduct Phase I clinical trials of its retinal detachment candidate drug, ONL1204.

It is reported that ONL has completed six rounds of financing to date. Among these, the company closed a $4.5 million Series A round in May 2017 and a $1.37 million round in November 2014.

ONL Therapeutics, Inc., founded in 2011 and headquartered in Ann Arbor, Michigan, USA, is a biotechnology and pharmaceutical company. The company primarily focuses on developing novel therapies for retinal diseases to protect and improve patients' vision. Currently, ONL is developing a pipeline of drug candidates for the treatment of blinding conditions such as retinal detachment, glaucoma, and age-related macular degeneration (AMD).

Based on its breakthrough technology that protects retinal cells from Fas-mediated cell death, ONL has developed a novel ophthalmic therapeutic drug, ONL1204. Fas is a cell-surface protein receptor molecule that induces apoptosis and is distributed in various tissue cells and plasma, playing a crucial role in cellular homeostasis. Dysregulation of this molecule may be associated with tumor immune escape, bone marrow dysfunction, and viral infectious diseases such as hepatitis.

Retinal cell death via pathways such as inflammatory signaling is one of the leading causes of vision loss. The first-in-class small-molecule Fas inhibitor ONL1204 can protect ocular structures, including photoreceptors, in patients with retinal diseases and maintain retinal cell viability. Currently, ONL1204 is primarily used to treat patients with retinal detachment. ONL Therapeutics is conducting preclinical studies on this drug and exploring its efficacy in other conditions, such as glaucoma and age-related macular degeneration (AMD).

The Phase I clinical trial of ONL1204 for the treatment of retinal detachment will primarily focus on acute indications in patients and is scheduled to be conducted in Australia by the end of this year. Additionally, ONL plans to undertake a Series B financing round to continue securing funds for the clinical development of ONL1204 and to expand its Fas inhibitor platform for the treatment of other retinal diseases.

David Esposito, CEO of ONL Therapeutics, stated, “ONL is developing best-in-class therapies to preserve vision in patients with retinal diseases. We are delighted that both new and existing investors are partnering with ONL to advance our mission of improving patients’ lives. The addition of InFocus Capital Partners will help us accelerate our drug development programs.”

Ron Weiss, Managing Partner at InFocus Capital Partners, stated, “We believe the Fas inhibitor platform can meet the medical needs of patients with retinal diseases. ONL boasts an experienced leadership team, a robust scientific foundation, and comprehensive preclinical data for its drug candidates, paving the way for new ophthalmic therapies to reach the market soon. We are delighted to support ONL at this critical juncture.”

Headquartered in the United States, InFocus Capital Partners is a venture capital firm dedicated to the ophthalmology market. The company primarily focuses on innovative technologies within the field of ophthalmology and invests in startups. InFocus Capital Partners boasts an experienced team of medical experts and investment advisors, with portfolio companies including Trefoil, Alievio, and Qura in the biopharmaceutical and medical device sectors.

Invest Michigan, established in 2014 and headquartered in Detroit, USA, is a venture capital firm. Funded by the Michigan Strategic Fund, it is a non-profit organization that primarily invests in early-stage high-tech enterprises in Michigan.

CCAI, a non-profit organization founded in 2007 and headquartered in Michigan, USA, primarily focuses on early-stage startups. It invests in sectors such as science and technology, life sciences, real estate, and retail to promote the sustainable development of startups.

BRCC, established in 2003 and headquartered in Michigan, USA, is a venture capital firm affiliated with Western Michigan University (WMU). The organization primarily provides funding and strategic guidance to companies in the life sciences and medical device sectors.

(Compiled by Xu Xiaoxue)