Cellusion Raises $21 Million to Advance iPS Cell-Derived Corneal Endothelial Cell Substitute
Tokyo-based Cellusion announced that it has raised 2.83 billion yen ($21 million USD) in Series C Round financing. The funding will be used to promote its lead program—the development of iPS cell-derived corneal endothelial cell substitute (CLS001) to resolve the challenge of corneal transplants, for which 13 million patients are reported to be on the waiting list worldwide, based on its proprietary patented technique of efficiently producing CLS001 from iPS cells.
To date, Cellusion has reinforced its organizational structure for R&D and promoted overseas operations in the Greater China by executing a license agreement with Celregen, a subsidiary of Fosun Pharma, in September 2022. In March 2023, Dr. Shigeto Shimmura, a professor of Fujita Health University and Keio University as our joint research partners, announced the first transplant of CLS001 to a patient (First In Human Study), and Cellusion is also making progress in domestic R&D. Cellusion will also use the raised funds to advance preparations for commencing company-sponsored clinical trials of CLS001 in Japan, as well as promote preparations for global clinical trials. The company will also promote the R&D of subsequent pipelines following CLS001.
Cellusion has raised 4.5 billion yen (33 million USD) in total to date.
CLS001 is alternative cell to corneal endothelial cells produced by efficiently differentiating iPS cells, which can be differentiated into various types of cells, based on Cellusion’s proprietary technique. Cellusion is promoting the development of CLS001 as a therapeutic regenerative medicine product for bullous keratopathy, which accounts for more than half of the corneal transplant cases, by combining “CECSi cells made from iPS cells with excellent proliferative properties” and “a simple injection cell delivery procedure without needs of human expertise.” Cellusion is also advancing preparations for company-sponsored clinical trials in Japan, as well as preparations for global clinical trials.
New investors of the third-party allocation of shares in this round are the investment limited partnerships operated by JIC Venture Growth Investments Co., Ltd.; NISSAY CAPITAL Co., Ltd.; SPARX Asset Management Co., Ltd. (Mirai Creation Fund III); Axil Capital Partners II LLP; Nikon-SBI Innovation Fund; and AIS CAPITAL LIMITED, while existing investors are the investment limited partnerships operated by The University of Tokyo Edge Capital Partners Co., Ltd.; DBJ Capital Co., Ltd.; SMBC Venture Capital Co., Ltd.; and Gemseki Inc.