PanOptica, Inc., a Mount Arlington, New Jersey-based biopharmaceutical company focused on licensing and developing innovative ophthalmology therapies, has raised $30m in a Series A financing.
The round was led by SV Life Sciences and Third Rock Ventures.
The completion of Series A financing coincides with the company’s licensing of exclusive worldwide ophthalmic rights to PAN-90806 from OSI Pharmaceuticals, Inc.*, in exchange for up-front cash, equity interest in PanOptica, and future milestones and royalties. The amount of the agreement remained undisclosed.
PAN-90806 is a small-molecule selective inhibitor of VEGF (vascular endothelial growth factor) that shows potential as a topical (eye drop) treatment for neovascular age-related macular degeneration (neovascular AMD). The company expects to begin a Phase I clinical trial of the molecul in 2012. Previously been studied in human trials for oncology indications PAN-90806 has demonstrated a safety, toxicology and pharmacokinetic profile.
PanOptica also announced the creation of a board of directors chaired by David Guyer, M.D., founder and former CEO of Eyetech Pharmaceuticals and currently partner of SV Life Sciences. Additional members include Lutz Giebel, Ph.D., managing partner of SV Life Sciences, Kevin Starr, partner of Third Rock Ventures, and Paul Chaney, co-founder, president, and CEO of PanOptica. Two independent members will be appointed.
*OSI Pharmaceuticals is a wholly owned subsidiary of Astellas US Holding, Inc., which is part of the Astellas US group of companies.