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PanOptica raises $30 million in Series A financing to develop AMD treatment

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MOUNT ARLINGTON, N.J. — PanOptica has raised $30 million in Series A financing and licenses for a topical formulation of an anti-VEGF agent that could be used to treat neovascular age-related macular degeneration, according to a press release from the company.

SV Life Sciences and Third Rock Ventures contributed to this round of financing, which coincided with PanOptica's licensing of exclusive worldwide ophthalmic rights to the compound, PAN-90806, from OSI Pharmaceuticals, a wholly owned subsidiary of Astellas U.S. Holding.

Under the agreement, PanOptica will claim exclusive global ophthalmic licensing rights for the compound in exchange for an initial cash payment, equity interest in the company, and potential milestone and royalty payments.

The Series A financing will help the company move PAN-90806 through phase 2 clinical trials in addition to completing a licensing deal for a second compound through phase 2 development and selecting a third asset, according to the release.

The company also announced their newly created board of directors, chaired by David Guyer, MD, founder and former CEO of Eyetech Pharmaceuticals and current partner of SV Life Sciences.

Additional board members are Lutz Giebel, PhD, managing partner of SV Life Sciences; Kevin Starr, partner of Third Rock Ventures; and Paul Chaney, co-founder, president and CEO of PanOptica. PanOptica also plans to appoint two independent members, according to the release.