Aviceda Therapeutics announced the closing of a $207.5 million Series C financing to propel the company’s pivotal phase 3 clinical trial for AVD-104, a treatment candidate for geographic atrophy (GA) secondary to advanced age-related macular degeneration (AMD). AVD-104 is also being studied for other ophthalmic indications.
According to Aviceda, AVD-104 leverages a dual mechanism of action to address immune modulation and complement inhibition. By repolarizing overactivated macrophages to their reparative state and stabilizing complement factor H, the therapy has demonstrated promising efficacy in preclinical studies and a phase 2a trial completed in early 2024. Results revealed slowed progression of GA lesions and improvements in visual function.
Aviceda’s fully enrolled phase 2b/3 trial is currently comparing two doses of AVD-104 against avacincaptad pegol (Izervay) in GA patients. Primary endpoint data from this study is expected in the second half of 2025.
The financing round was co-led by Omega Funds and TCGX, with strong participation from investors including Enavate Sciences, Jeito Capital, Blue Owl Healthcare Opportunities, Longitude Capital, OrbiMed, Logos Capital, Marshall Wace, Catalio Capital Management, funds managed by abrdn Inc., and Digitalis Ventures.
The Series C financing also ushers in strategic additions to Aviceda’s Board of Directors. Bernard Davitian of Omega Funds and Chen Yu, MD, of TCGX will join the board alongside Evelyn Harrison, former COO of Iveric Bio, now part of Astellas Pharma. Additionally, Sara Nayeem, MD, of Enavate Sciences, and Rafaèle Tordjman, MD, PhD, of Jeito Capital, will serve as Board Observers, further bolstering Aviceda’s leadership team with deep expertise in biotechnology innovation and investment.