Aurion Biotech Raises $120 Million to Advance its Cell Therapy Program
Aurion Biotech announced it has secured a $120 million financing with biotech and ophthalmology investors. The company intends to use the proceeds of the financing to advance its cell therapy program for corneal edema secondary to endothelial dysfunction, which affects approximately 16 million people in the US, Europe and Japan1.
The financing was led by Deerfield Management, and included existing investors Petrichor Healthcare Capital Management, Flying L Partners, Falcon Vision, and Visionary Ventures. Alcon also participated in the financing. Funds will be disbursed to the company based on the achievement of key clinical and operational milestones.
Andrew ElBardissi, MD, and partner at Deerfield Management, and Patrick Lally, partner at Petrichor, will join Aurion Biotech’s board of directors.
“We invest in experienced entrepreneurs, brilliant scientists and clinicians, and disruptive technologies that address significant unmet patient needs,” Dr. ElBardissi said in a company news release. “We believe that Aurion Biotech possesses each of those key success factors and we look forward to supporting the company’s next phase of growth and innovation.”
Aurion Biotech’s first candidate is a cell therapy for the treatment of corneal edema secondary to endothelial dysfunction, developed by Professor Shigeru Kinoshita and his colleagues at Kyoto Prefecture University of Medicine (KPUM) in Japan. The company acquired this technology in 2020. Aurion Biotech is currently preparing to submit a J-NDA for market approval in Japan, and an IND to initiate clinical trials in the US.
“Our financing speaks volumes about the potential of our cell therapy to transform the lives of millions of people suffering from corneal endothelial dystrophies,” said Greg Kunst, chief executive officer of Aurion Biotech. “We are inspired and gratified by the strategic support, insights and depth of resources our investors bring to Aurion Biotech—all of which will help to accelerate our momentum.”
Raymond James served as the exclusive financial advisor to Aurion Biotech, in connection with this offering.
Clinical studies treating over 100 patients in Japan and El Salvador support the potential advantages of Aurion Biotech’s cell therapy for treating patients with corneal edema secondary to endothelial dysfunction:
- Abundant supply of corneal endothelial cells. From a single donor, the company can manufacture corneal endothelial cells to treat up to 100 recipient eyes.
- Straightforward procedure to perform. As a simple injection, the cell therapy procedure can be performed efficiently and is less complex than corneal transplantation.
- Patient-friendly procedure. Postoperative recovery for cell therapy is several hours, as compared to several days for corneal transplant procedures.
References
1 Source: NIH https://medlineplus.gov/genetics/condition/fuchs-endothelial-dystrophy/#:~:text=The%20late-onset%20form%20of,the%20exact%20prevalence%20is%20unknown
2 Descemets Membrane Endothelial Keratoplasty / Descemet Stripping Automated Endothelial Keratoplasty
3 JAMA: Global Survey of Corneal Transplantation & Eye Banking: https://jamanetwork.com/journals/jamaophthalmology/fullarticle/2474372
4 https://www.aao.org/newsroom/eye-health-statistics#ophthalmologists
5 Source: EBAA 2020 Annual Report