Switzerland-based ophthalmic therapy developer Oculis increased a series B round featuring Nan Fung Life Sciences, a subsidiary of property developer Nan Fung, to CHF35.5m ($35.9m) on Friday.
The company added CHF15.5m from investors including Nan Fung Life Sciences, investment adviser Tekla Capital Management and undisclosed existing investors to a CHF20m first tranche that closed in January 2018.
The first tranche was co-led by Novartis Venture Fund, a corporate venturing vehicle for drug producer Novartis, along with the Nan Fung-backed Pivotal BioVenture Partners and investment fund manager Bay City Capital, and included Silfurberg and Brunnur Ventures.
Oculis is developing eye drops to treat both back and front-of-the-eye diseases, functioning as an alternative to injections or implants.
The company’s lead product candidate, OCS-01, has entered clinical testing for diabetic macular edema, a condition that causes blindness in diabetes patients, and will shortly begin clinical trials to target ocular inflammation following operations.
The series B funds will be used to develop additional treatments for ophthalmic diseases including a newly in-licensed asset from Novartis that aims to treat front of the eye inflammation.
Oculis collected an undisclosed amount of series A funding from Brunnur Ventures and Silfurberg in 2016, a year after it received a grant of undisclosed size from the state-owned Icelandic Centre for Research.
Peter Bisgaard, managing director at Nan Fung Life Sciences, said: “By developing eye-drop treatments for both front and back-of-eye diseases, Oculis is working to develop safe, effective and comfortable treatments for millions of patients.
“I look forward to working with the team to contribute towards the Company’s further growth and development.”