US-based biopharmaceutical company Iconic Therapeutics completed a $40m series C round on Monday that included Lundbeckfond Ventures, the venture capital fund backed by pharmaceutical company Lundbeck.
HBM Healthcare Investments, Cormorant Asset Management, Osage University Partners, MPM Capital and H.I.G. Capital also took part in the round.
Iconic is developing therapeutics to treat retinal disease and cancer based on tissue factor biology. The capital will fund development of its lead molecule, Icon-1, for retinal diseases and to initiate clinical trials for it as an ocular melanoma treatment.
William Greene, chief executive of Iconic, said: “In 2016 we expect to have phase 2a data in macular degeneration and to initiate clinical development in ocular melanoma.
“Clearly, both our new and existing investors recognise the potential in macular degeneration for a novel disease modifying agent, and in cancer, the opportunity to treat the tumour, its vasculature and the microenvironment with a single targeted agent.”
Iconic raised $20m in series B-1 financing from Lundbeckfond Ventures, MPM Capital and H.I.G. BioVentures in April 2014, having previously raised approximately $11m in funding according to regulatory filings.