China-based ophthalmology startup Arctic Vision received $32m in series A funding from investors including Nan Fung Life Sciences, a subsidiary of property development group Nan Fung, yesterday.
Venture capital firm Morningside Venture Capital led the round, which also featured Pivotal BioVenture Partners, the healthcare investment firm co-founded by Nan Fung Life Sciences.
Arctic Vision’s lead product candidate is ARVN001, a potential treatment for a version of macular edema – a condition where fluid accumulates in the centre of the retina – associated with an inflammation of the eye known as uveitis.
The company licensed the Chinese rights to ARVN001 from biopharmaceutical producer Clearside Biomedical and the series A funding will support clinical trials for the candidate.
Proceeds from the round will also fund the growth of Arctic Vision’s product pipeline and the strengthening of its research and development capabilities. It was incubated by Nan Fung Life Sciences and Pivotal BioVenture Partners China in 2019.
Dianna Qian, partner at Pivotal BioVentures Partners China, said: “Ophthalmology is a hot sector closely followed by global biotech players, but the existing ophthalmology technologies and therapies in China are significantly lagging behind those in developed markets.
“Physicians often do not have the latest cutting-edge tools to treat patients, and patients find themselves in dire need of innovative drugs and therapies. We expect Arctic Vision to score great accomplishments in the field of ophthalmology.”
