US-based biopharmaceutical company Iconic Therapeutics closed a series C round featuring pharmaceutical firm Lundbeck at $48.5m yesterday after raising an additional $10m.
Lundbeckfond Ventures, the venture capital fund sponsored by Lundbeck, was among the investors in the round’s initial tranche, which closed in January this year, investing alongside HBM Healthcare Investments, Cormorant Asset Management, Osage University Partners, MPM Capital and H.I.G. Capital.
Xeraya Capital, a private equity and venture capital investor backed by the Malaysian government, was among the investors that added $10m to close the round.
Iconic is working on drug treatments for retinal disease and cancer that incorporate research on tissue factor biology. The series C capital will support development of its lead molecule, ICON-1, for retinal diseases and the start of clinical trials for it in ocular melanoma.
The round took Iconic’s total funding to approximately $80m since it was founded in 2002. Lundbeckfond Ventures, MPM Capital and H.I.G Bioventures provided $20m in series B-1 capital for the company in 2014.