Cell therapy company, Eyestem, has secured Rs 51 crore in funding. The startup will remain focused on solidifying its cell therapy platform, post this funding.
Bengaluru-based cell therapy startup, Eyestem, has announced that it has secured Rs 51 crore in a Series A round of funding.
The round was headed by by three pharma giants — Biological E (BE), Alkem,Natco as well as promoters of Kemwell Biopharma, Anurag and Karan Bagaria.
Eyestem was valued at $46.4 million (INR 371 crore) post-money by current investors Endiya Partners and KotakPrivate Equity, who also took part in this round.
Eyestem, a clinical research, regenerative medicine, and ophthalmology expert-led company founded in 2016, created an experimental therapy for dry AMD dubbed
Eyecyte-RPE repairs damaged retinal pigment epithelial cells and is intended to restore vision in people with early stages of dry AMD or to halt vision loss in those with later stages.
The product is allogenic (from outside cells), is delivered surgically, and is patented in India and elsewhere.
Dr. Jogin Desai, founder of Eyestem, said the company will remain focused on solidifying its cell therapy platform, post this funding. Eyestem will also continue to work on moving its flagship product for Dry AMD through early clinical trials of a global standard.
The financing will allow Eyestem to bring a dry age-related macular degeneration (AMD) therapy to the clinic.
It also intends to submit for a first-in-human study of the product within a year, in collaboration with CDSCO and the US FDA.