CXL Ophthalmics, a clinical-stage company developing a minimally-invasive treatment for keratoconus, has raised a $32 million Series A funding round led by AXA IM Alts through its Global Health Private Equity strategy plus a syndicate of individual investors, including leading cornea specialists.
The new investments will support the advancement of CXL Ophthalmics’ (CXLO) transformative cross-linking system, EpiSmart, through Phase 3 trials on the way to a New Drug Application with FDA.
EpiSmart is CXLO’s transformative cross-linking system targeting keratoconus, a common type of corneal ectasia. EpiSmart is designed to be highly effective and minimally invasive with reduced discomfort, plus a decreased recovery time versus the current standard of care. CXLO’s approach will elevate the standard of care for keratoconus by enabling the treatment of both eyes simultaneously and eliminating the need for further deterioration.
Results of CXLO’s recent Phase 2 trial, the largest study to-date of corneal cross-linking as a treatment for keratoconus, indicate improvements in visual acuity after EpiSmart treatment at levels similar to currently available treatments, but with a substantial enhancement in safety and comfort compared to the current standard of care.
Piper Sandler acted as exclusive financial advisor to CXLO in connection with this capital raise.
