Nexcera Raises $15Mn to Advance Eye-Drop Treatment for Wet Macular Degeneration

South Korean biotech company Nexcera has raised $15 million (KRW 22 billion) in a Series B funding round to advance the U.S. clinical development of its eye-drop treatment for wet macular degeneration.

Woori Venture Partners, an existing investor, participated as the anchor investor. Existing backers KB Investment and BMI Korea also joined the round, along with new investors Yuanta Investment, Muir Woods Ventures and Mirae Asset Securities.

The investment payment was completed on September 18, bringing Nexcera’s cumulative funding to approximately KRW 39 billion ($27 million).

How Will Nexcera Use the New Funding?

Nexcera will use the new funding to support U.S. clinical trials of NT-101, its lead treatment candidate for wet macular degeneration.

NT-101 is currently being evaluated in Part 2 of a Phase 1/2a clinical trial in the United States. The company is developing NT-101 as an eye-drop treatment designed to deliver the drug to the retina, offering an alternative to the injections commonly used for wet macular degeneration.

In Part 1 of the trial, the high-concentration group recorded an average improvement of 6.2 letters in best-corrected visual acuity. However, these are early-stage results and Nexcera said the treatment's safety and efficacy need to be further confirmed through subsequent clinical trials.

Nexcera's Eye-Drop Treatment Technology

Wet macular degeneration is an eye disease in which abnormal blood vessels develop in the retina and can lead to vision loss.

Current treatment commonly involves injecting drugs directly into the eye. Nexcera is developing a different approach using its proprietary drug delivery technology, which is designed to allow medication administered as eye drops to reach the retina.

The company aims to develop a less invasive way of delivering treatment for patients with wet macular degeneration.

Nexcera's Clinical Development Plans

NT-101 was selected for a national new drug development project in April, supporting its ongoing development.

With the latest funding secured, Nexcera plans to complete Part 2 of its Phase 1/2a clinical trial in the U.S. The company also plans to prepare for subsequent development steps, including an initial public offering (IPO).

“We will finalize Phase 1/2a clinical trial Part 2 in the U.S. and prepare for the next step, including an initial public offering,” said Park Se-kwang, CEO of Nexcera.

About Nexcera

Nexcera is a South Korean biotechnology company developing treatments for eye diseases. Its lead candidate, NT-101, is focused on wet macular degeneration and uses the company’s drug-delivery technology to deliver treatment through eye drops rather than direct injections into the eye.

The company is currently advancing NT-101 through clinical development in the United States.

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