Ocugen, a Malvern, PA-based clinical stage biopharmaceutical company developing treatments for sight-threatening diseases, closed a $7.5m round of Series B funding.
The round was co-led by Abdi Ibrahim, and the JSC Lancaster Group, with participation from current investors Mr. Frank Leo and Dr. John Zhang.
The company intends to use the funds for the advancement of potential sight-saving ophthalmology products into clinical trials.
Led by Dr. Shankar Musunuri, Chairman, Chief Executive Officer and Co-founder, Ocugen develops novel treatments for sight threatening diseases including ocular graft versus host disease, retinitis pigmentosa, geographic atrophy, wet age-related macular degeneration and diabetic retinopathy.
The company is advancing two novel biologicals and a marketed drug product as a re-purposed drug under the U.S. Food and Drug Administration’s 505(b)(2) regulatory pathway to treat sight threatening ocular disorders.
OCU100 is a recombinant form of lens epithelium derived growth factor. It received orphan-drug status from the U.S. Food and Drug Administration for treatment of retinitis pigmentosa (RP), a rare eye disease.
Its second asset, OCU200, is an anti-angiogenic tumstatin fusion protein being developed for treatment of wet age-related macular degeneration (AMD).
OCU300 is being developed through the FDA’s 505(b)(2) pathway for the treatment of ocular graft versus host disease (oGVHD).