Exonate closes £1.5 million fundraiser

The UK-based early stage biopharma company has raised £1.5 million to further develop its product line

Dr Catherine Beech, CEO of Exonate

Exonate, a UK-based early-stage biopharma company, has raised £1.5 million pounds to further develop its product line.

The startup company’s new product is being developed to treat retinal neurovascular diseases. Diabetic Macular Oedema (DMO), a consequence of diabetic retinopathy, is a focus.

The topical eye drop treatment would provide an alternative to current treatment plans for DMO, which included injections into the eye and laser eye surgery. The company states it is on track to enter clinical trials in 2020.

Dr Catherine Beech, CEO of Exonate, expresses hope that the money funnelled into the eye drop will "improve patients' lives by providing greater efficacy of a drug, and an alternative option to the current treatment of injections."

The new eye drop inhibits the production of a growth factor that contributes to retinal neurovascular diseases. The inhibitors have shown efficacy in the preclinical stage for the wet Age-Related Macular Degeneration (wAMD), a very common form of retinal neurovascular disease.

This fundraiser was the fourth of its kind for Exonate and this fund brings the total money raised by the company to £9 million.