UK biotech Exonate has raised £1.5 million during its fourth financing round to accelerate the development of its lead product, an eye drop treatment for retinal neovascular diseases.
In addition to the Angel CoFund, the company received further investment from Australian venture fund Uniseed; University of Bristol Enterprise Fund; Martlet of Cambridge; Wren Capital; O2h Ventures; as well as further Angel investors.
To date, the company has raised approximately £9 million in total.
Exonate’s strategy is to introduce a revolutionary, game changing topical eye drop for the treatment of retinal vascular diseases.
It has developed small molecules that inhibit the production of pro-angiogenic VEGF through the selective inhibition of serine/threonine-protein kinase (SRPK1)-mediated VEGF splicing.
Already these inhibitors have demonstrated superior efficacy as topical agents in preclinical models of wet Age-Related Macular Degeneration (wAMD).
CEO Catherine Beech said: “Exonate believes that our approach to retinal diseases has the potential to significantly improve patients’ lives by providing greater efficacy of a drug, and an alternative option to the current treatment of injections straight into the eye.
“The monies raised will enable us to progress the first of our innovative treatments towards clinical development.”