China-based ophthalmic gene therapy developer Neurophth Therapeutics received over $60m yesterday in a series C round featuring funds and accounts managed by insurance provider Sunshine Insurance.
Venture capital firm Sequoia Capital China and investment manager CMG-SDIC Capital co-led the round, which included funds and accounts managed by China Merchant Bank International Capital.
Founded in 2016, Neurophth is developing gene therapies for diseases affecting the eyes, such as Leber hereditary optic neuropathy (LHON), glaucoma, autosomal dominant optic atrophy.
The series C proceeds will be used to support international expansion and the strengthening of Neurophth’s manufacturing capabilities as well as boosting research and development and advancing its lead drug candidate.
The company closed a $61.9m series B round in February this year that was co-led by Guofang Capital and InnoVision Capital, which invested alongside Oriza Holdings, Harvest Capital, Grand Mount Capital, Northern Light Venture Capital and Sequoia China.
Conglomerate Fosun’s Future Capital unit co-led Neurophth’s $18.2m series A round with Sequoia China in April 2020, participating together with Northern Light Venture Capital, which had previously joined BGI, Qiji Zhiguang Fund and Bohe Angel Fund in a seed round of undisclosed size in 2018.
