U.K.-based retinal disease therapy startup Precision Ocular closed its Series A round of funding having raised a little more than $20 million (£15.5 million).
An extension to the round was provided by V-Bio Ventures, which is affiliated with life sciences institute VIB.
The company had initially sought just under $18 million (£13.5 million) when it launched the funding round in March. Contributors included Imperial Innovations, an investment firm established by Imperial College London, Hovione Scientia, Neomed and Consort Medical.
Precision, which was founded in 2014, is working on treatments for retinal diseases that include age-related macular degeneration, which can lead to partial blindness, and diabetic macular edema, which may cause complete loss of vision.
"The supplemental financing validates the company's therapeutic approach and enables us to drive forward our programs, and ultimately our goal, to build a global ophthalmic franchise based on the successful development and commercialization of our innovative and much needed treatments for retinal diseases,” Tom Cavanagh, Precision’s CEO, said in a statement.
In February, Consort, which is a contract drugmaker and delivery specialist, signed a deal to build up Precision's drug delivery system using Consort's device and manufacturing capabilities. As part of the agreement, Consort joined in the financing.
Precision said it would use both Consort's device arm Bespak and its drug arm Aesica to grow its own pipeline, which includes technology to map the ocular surface to allow for highly targeted drug delivery.
- here’s the release