Iconic Therapeutics, Inc., a Atlanta, GA and South San Francisco, CA-based biotechnology company focused on developing therapeutics for serious eye disorders, completed a $20m Series B-1 equity financing.
Backers included new investors MPM Capital, Lundbeckfond Ventures, and H.I.G. BioVentures. In conjunction with the funding, MPM partner William Greene, MD, joined the company as Chief Executive Officer.
Additionally, MPM Managing Director Todd Foley, H.I.G. Managing Director Bruce Robertson, PhD, and Lundbeckfond Ventures Senior Partner Johan Kordel, PhD, joined the Board of Directors.
Iconic’s lead clinical-stage program is a novel recombinant human chimeric protein therapeutic, hI-con1, licensed from Yale University, which binds tissue factor, a promoter of inflammation and angiogenesis, key processes underlying the pathogenesis of age-related macular degeneration (AMD).
When hI-con1 binds, it harnesses the immune system to selectively destroy pathologic neovascular blood vessels such as the choroidal neovascularization (CNV) associated with wet AMD. hI-con1 may also reduce levels of vascular endothelial growth factor (VEGF), a protein known to lead to vascular leakage and decreased vision in AMD.
The company, which is also led by Kirk Dornbush, Iconic’s Co-Founder and President, has completed a Phase 1 clinical trial in the U.S. and is planning an international Phase 2 study.