Allegro Ophthalmics, a biotechnology company focused on the development of novel therapies to treat vitreoretinal diseases has completed a private round of equity financing for USD10.7 million.
With this infusion of capital, the company is strongly positioned to reach future corporate milestones. Allegro is . The company’s lead drug candidate, Luminate, has successfully met the endpoints for two Phase 2 monotherapy studies for the treatment of diabetic macular edema (DME) and vitreomacular traction (VMT). In addition, topline results of its Phase 2, Stage 2 DME clinical trial in which Luminate is being evaluated in combination and as an adjunctive therapy with anti-VEGFs will soon be announced.
“The additional capital positions us well to complete multiple Phase 2 clinical trials and prepare for Phase 3 studies. This financing validates the potential for Luminate to be a valuable treatment option for patients with sight-threatening retinal diseases,” says Vicken Karageozian, MD, president and chief medical officer, Allegro Ophthalmics.
Luminate, a first-in-class integrin peptide therapy, treats vitreoretinal diseases by targeting integrin receptors involved in cell signalling and regulation and in the construction of new and aberrant blood vessels. By utilising two mechanisms of action (vitreolysis and anti-angiogenesis), Luminate has been shown in clinical studies to effectively maintain and improve vision by regressing and inhibiting new blood vessel formation, as well as reducing vascular leakage. Currently in Phase 2 clinical trials for multiple indications, Luminate is an investigational drug not approved by the FDA for commercial sale in the US Allegro maintains commercial rights to Luminate in all territories outside of Japan, Korea and China.
