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Allegro Ophthalmics receives $10.7 million in private financing
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Allegro Ophthalmics announced it has secured $10.7 million in a private round of equity financing.
The additional capital will allow the company to complete several phase 2 clinical trials and help prepare for phase 3 studies in the future, Vicken Karageozian, MD, president and chief medical officer of Allegro, said in a press release.
“This financing validates the potential for Luminate to be a valuable treatment option for patients with sight-threatening retinal diseases,” Karageozian said in the release.
Luminate, an integrin peptide therapy for the treatment of vitreoretinal diseases, met the endpoints in two phase 2 monotherapy studies for the treatment of diabetic macular edema and vitreomacular traction. The topline results of a phase 2 stage 2 DME clinical trial in which Luminate is being used in combination and as an adjunct with anti-VEGFs will soon be announced, the release said.
Luminate is not yet approved by the FDA for commercial sale in the U.S.