Beyond retinal detachment, lead candidate ONL1204 will also advance into the chronic conditions of glaucoma and dry age-related macular degeneration
ExSight Ventures completes and amplifies follow on investment in ONL Therapeutics
ONL Therapeutics, Inc. (“ONL”), a clinical-stage biopharmaceutical company and ExSight Ventures (“EV”) portfolio company, announced it closed a $46.9 million Series B financing. EV syndicated $3.75 million. ONL is developing novel therapies for protecting the vision of patients with retinal disease. This funding will enable the completion of the company’s Phase 1 study in retinal detachment with ONL’s lead compound ONL1204 while advancing ONL1204 programs in two chronic indications, glaucoma and dry age-related macular degeneration.
ONL1204 is a novel, first-in-class small molecule fatty acid synthase (“Fas”) inhibitor designed to protect the retina from cell death via both direct and inflammatory signaling in a range of retinal diseases. Fas is a known inducer of apoptosis or cell death. The death of critical retinal cells is the root cause of vision loss and is implicated in a wide range of retinal diseases, including glaucoma, age-related macular degeneration (AMD), and inherited retinal degeneration (IRD; also known as retinitis pigmentosa).
Bios Partners led the round with additional participation from new investors Johnson & Johnson Innovation – JJDC, Inc., Kaitai Capital, PSQ Capital, and Michigan Capital Network Venture Fund III. Bios Partners has been an excellent partner and lead investor for another EV portfolio company, Trefoil Therapeutics. We’re gratified by their investment in ONL and have immediately seen the impact of their non-financial support. “Bios Partners has been instrumental in working with our team to build the syndicate and strengthen our plans,” stated David Esposito, ONL CEO.