This article is more than 5 years old. Information may no longer be current.
ONL raises $3 million in financing to advance Fas inhibitor study
ONL Therapeutics will begin a first-in-human study of its Fas inhibitor for retinal diseases following the completion of $3 million in convertible note financing, according to a press release.
ONL1204, a first-in-class small molecule Fas inhibitor, is designed to protect key retinal cells, including photoreceptors, from cell death that occurs in many retinal diseases and conditions and leads to vision loss.
ONL is preparing ONL1204 for a phase 1 study in Australia for the treatment of retinal detachment.
The company’s management, current investors and new investors participated in the financing. Investors include Invest Michigan, the University of Michigan’s Michigan Investment in New Technology Startups program, the Biosciences Research & Commercialization Center and the Capital Community Angels, as well as InFocus Capital Partners.
“We are excited about the potential of ONL’s Fas inhibition platform to address some major unmet medical needs in retinal disease,” Ron Weiss, managing partner of InFocus Capital Partners, said in the release. “With its strong scientific foundation, compelling preclinical data and leadership team’s depth of experience, ONL Therapeutics is well-positioned to bring these therapies to market.”