Eyestem Research, a clinical-stage biotechnology company, has raised $10 million in a Series B funding round co-led by Raju Barwale and Sandeep Singh, managing director of Alkem Laboratories.
The Bengaluru-based company had earlier raised $9.95 million from Alkem Laboratories, Biological E, and C-CAMP.
Eyestem said the funds will be used to finish its ongoing Phase 2 clinical trial in India and prepare to file an Investigational New Drug (IND) application with the US Food and Drug Administration (FDA).
Co-founded in 2015 by Jogin Desai, Rajani Battu, and Rajarshi Pal, Eyestem Research develops cell replacement therapies for eye diseases that currently have no cure. The company is especially known for its work on dry age-related macular degeneration (AMD).
Its therapy, Eyecyte-RPE, uses retinal pigment epithelium (RPE) cells made from human induced pluripotent stem cells to replace damaged cells in the retina.
Eyestem says Eyecyte-RPE is being developed for patients with geographic atrophy (GA) caused by dry age-related macular degeneration (dry AMD).
The company has submitted its Phase 1 clinical study report to the Central Drugs Standard Control Organisation (CDSCO) and is waiting for approval to start Phase 2.
According to the company, Eyecyte-RPE can replace damaged or lost retinal pigment epithelial (RPE) cells and may help regenerate tissue in the diseased retina. This treatment is allogeneic, can be produced at scale, and stored as a frozen vial for long periods.
Dry AMD is the main cause of blindness in people over 50. Geographic atrophy (GA) is its advanced stage, causing permanent and progressive loss of central vision due to the death of cells in the macula, the central part of the retina. Around 196 million people worldwide have dry AMD, and about five million of them have GA.
Other major companies working in this area include Lineage Cell Therapeutics and Voyager Therapeutics.
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