Pharmaceutical company Abdi Ibrahim and investment holding vehicle JSC Lancaster Group have co-led a $7.5m series B round for Ocugen, a US-based developer of treatments for sight-threatening diseases.
Private investors Frank Leo and John Zhang also participated in the round, as existing backers. Ocugen had closed a $6m series A round in December 2016 that included $1m secured through the through the US state-backed EB5 Life Sciences LP scheme.
Ocugen is developing drugs that will treat inflammatory, degenerative and neovascular diseases of the eye by activating novel biologic pathways. The series B proceeds will be used to advance its products into clinical testing.
Nezih Barut, chairman of Abdi Ibrahim, said: “Ocugen continues to demonstrate a readiness for growth and steady progress toward its plans for commercialisation.
“We look forward to building our relationship with Ocugen and to working with them to achieve their near and long-term goals for the company.”