ANN ARBOR, Mich., March 8, 2023 (GLOBE NEWSWIRE) — ONL Therapeutics, Inc., a clinical-stage biopharmaceutical company developing novel therapies to protect the vision of patients with retinal diseases, today announced that it has closed the first tranche of a $15 million Series C financing round with preferred stock. Proceeds from the financing will primarily support the advancement of ONL1204 Ophthalmic Solution into a Phase 2 clinical trial in patients with non-macular rhegmatogenous retinal detachment (RRD).

“With the support of our current and new investors, as well as the opening of our IND for ONL1204 last month, we are grateful for the opportunity to advance our lead compound into an eventual Phase 2 clinical trial,” said David Esposito, Chief Executive Officer of ONL therapeutics. “We expect to initiate this new U.S.-based Phase 2 acute retinal detachment study in the next quarter and combine data from our two ongoing Phase 1b chronic geographic atrophy (GA) studies throughout the year with age-related macular degeneration and will generate progressive open-angle glaucoma (OAG) performed in Australia and New Zealand.”

The financing was led by Bios Partners and included new investors Visionary Ventures, Alpine Visionary Ventures and Mayewell Capital, and existing investors Johnson & Johnson Innovation – JJDC, Inc., Kaitai Capital, PSQ Capital, Michigan Capital Network Venture Fund III, ExSight Ventures , the University of Michigan’s Michigan Investment in New Technology Startups (MINTS) program, Western Michigan University’s Biosciences Research & Commercialization Center, and the Capital Community Angels.

In addition to the Phase 2 study in RRD, the first tranche of the Series C funding will also support the Company’s regulatory preparations for Phase 2 programs in GA and OAG.

“There is excitement in ophthalmology about the unique and differentiated mechanism of action of ONL1204, a novel therapeutic…