Lundbeckfond Ventures, an investment subsidiary of Denmark-based pharmaceutical company Lundbeck, has participated in a $20m funding round for US-based biopharmaceutical company Iconic Therapeutics.
The series B round also included investors MPM Capital and H.I.G Bioventures. As part of the investment deal Lundbeckfond’s Johan Kordel, alongside MPM’s Todd Foley and H.I.G’s Bruce Robertson, will join Iconic’s board of directors. MPM partner William Greene will be appointed as Iconic’s CEO.
The investment will allow Iconic to further develop its treatment for eye-disorder age-related macular (AMD). According to Foley, the AMD market is worth $6bn and he believes that Iconic is the most promising early-stage company in the field.
Iconic previously raised $2.5m in a 2009 round funded by Advanced Technology Development Center, Elm Street Ventures and angel investors and has now secured a total of $31.9m since it was founded in 2003.