Neurophth Biotechnology Ltd., a fully-integrated genetic medicines company developing AAV-delivered gene therapies for the treatment of ocular diseases, announced the closing of a RMB 400 million ($61.9 million USD) Series-B financing with a premier syndicate of investors, co-led by Guofang Capital and InnoVision Capital. Additional new investors include funds and accounts managed by Oriza Holdings, Harvest Capital and Grand Mount Capital with participating from existing investors Sequoia Capital China and Northern Light Venture Capital. Proceeds from the Series-B financing will support the anticipated IND submissions, completion of the commercially scalable GMP manufacturing facility in accordance with international quality standards, initiation of establishing the translational research centers and development of the company's extensive portfolio of potentially curative gene therapies for the treatment of ocular genetic diseases.
"The support of our investors not only speaks to the immense potential of our development portfolio of transformative treatment options for patients with ocular diseases but is also a reflection of their confidence in the expertise of the Neurophth team," said Alvin Luk, Ph.D., M.B.A., C.C.R.A., Chief Executive Officer at Neurophth. "As we continue to work toward advancing our lead candidate, NR082 (recombinant adeno-associated viral serotype 2 carrying ND4 gene; rAAV2-ND4), into the clinic for Leber hereditary optic neuropathy (LHON) associated with ND4 mutations over the coming year, we are focused on our mission to serve patients by offering best-in-class, life-transforming therapies." Neurophth expects to initiate clinical trials for its lead program in ND4-mediated LHON in the first half of 2021, followed by the completion of the Suzhou commercial manufacturing facility and initiation of translational R&D centers. Neurophth is currently developing a deep and sustainable pipeline of 10 gene therapy product candidates in both rare and common ocular diseases.
"We have brought together experts in gene therapy with overseas experience to create a company that is uniquely positioned to advance the development and manufacturing of potentially curative gene therapies for ocular diseases, particularly glaucoma and diabetic macular edema with large patient populations," said Bin Li, M.D. Ph.D., Founder and Chairman of the Board of Neurophth. "We believe this financing provides significant validation of our corporate strategy and will enable us to continue to rapidly translate programs from preclinical development into the clinic."
Mr. Yaguang Wei, Partner at Guofang Capital said, "Gene therapy is one of the most promising directions of life science, in which AAV-based gene therapy shows both safety and great clinical potential in the treatment of diseases like ophthalmology. Neurophth has an international top-notch management team and a wealth of ophthalmology gene therapy pipeline, the clinical progress and efficacy of its core pipeline are leading the track in China. We're honored to be part of Neurophth's future success by connecting high-quality industrial resources, facilitating vertical collaboration, and promoting smooth technological transfer for the benefit of patients suffering from eye disorders worldwide."
Mr. Lane Zhao, Founding Partner of InnoVision Capital, said: "Neurophth has achieved significant research and clinical progress since its establishment, showcasing its strong R&D capabilities led by Prof. LI and the world-class seasoned management teams. We are delighted to lead this round, and this investment underscores our long-term commitment to strategically investing in biotech and innovative technologies improving human health and life quality. We look forward to working alongside the Neurophth team to bring high-quality, worldwide competitive, significant gene therapy products to doctors and patients, globally."
"In the past year, Neurophth has made significant progress in product pipeline and team building, which shows the strong executive power of the management. Sequoia Capital China will continue to support the company and believe that Neurophth can make gene therapy pro...
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