Aviceda Therapeutics Closes $207.5 Million Series C Financing to Support AVD-104 for Geographic Atrophy Treatment
Aviceda Therapeutics, a biotechnology company specializing in novel therapies for retinal diseases, has announced the successful closure of a $207.5 million Series C financing round. The substantial investment will support the development of its lead therapeutic candidate, AVD-104, aimed at treating geographic atrophy (GA), a severe form of age-related macular degeneration (AMD) that causes irreversible vision loss.
The Series C round was led by a syndicate of renowned investors, including both new and returning backers who share Aviceda’s commitment to advancing innovative treatments in the ophthalmic space. The funding will allow Aviceda to further progress AVD-104 through clinical trials, with the goal of reaching key clinical milestones and bringing a much-needed solution to the millions of individuals affected by geographic atrophy worldwide.
“We are excited to close this oversubscribed Series C financing, which marks a significant step forward in the development of AVD-104 for geographic atrophy,” said Dr. Suresh K. Venkatesan, CEO of Aviceda Therapeutics. “This funding will enable us to advance our clinical trials and bring us closer to providing a potentially transformative therapy for patients suffering from this debilitating condition.”
Geographic atrophy is a leading cause of vision impairment in older adults, and there are currently no FDA-approved treatments for the condition. AVD-104 is designed to target the underlying mechanisms of GA by addressing the inflammatory processes that contribute to the degeneration of retinal cells. The therapeutic candidate has shown promising preclinical results, and Aviceda is optimistic that its unique approach could offer a new, effective treatment option for patients suffering from this progressive disease.
The $207.5 million in Series C funding will be used to support ongoing clinical development of AVD-104, including advancing Phase 1 and Phase 2 trials. The capital will also enable the company to expand its research and development efforts, optimize its manufacturing processes, and accelerate the commercialization of its therapeutic pipeline.
“We believe that Aviceda’s innovative approach to treating geographic atrophy has the potential to significantly impact the lives of patients with this currently underserved condition,” said one of the leading investors in the Series C round. “The company’s expertise in retinal diseases and their promising preclinical data for AVD-104 position them well to address a critical unmet need in the ophthalmic space.”
Aviceda’s commitment to advancing therapies for retinal diseases goes beyond geographic atrophy. The company is also exploring treatments for other ocular conditions with a focus on leveraging its proprietary platform to develop cutting-edge, targeted therapies that can improve vision and quality of life for individuals affected by eye diseases.
The success of the Series C round highlights the growing interest and investment in the ophthalmic sector, particularly in novel therapies for age-related conditions such as geographic atrophy. As the global population ages, the demand for effective treatments to address vision loss and other retinal diseases continues to increase, positioning Aviceda at the forefront of this rapidly expanding market.
With the backing of its investors and the progress made with AVD-104, Aviceda Therapeutics is well-positioned to make a significant impact in the field of ophthalmology, offering hope to millions of people affected by geographic atrophy and other retinal diseases. The company’s continued focus on innovation and patient-centered care will be key to its success as it works to bring groundbreaking therapies to market and address the growing challenge of age-related vision loss.
