Foventa Therapeutics

Exonate's business model centers on the discovery and development of small-molecule drugs, with the strategic aim of partnering with large pharmaceutical companies for late-stage development and commercialization. The company has successfully raised capital through multiple funding rounds, securing investments from angel investors, venture funds like Uniseed, and grants, including a significant £4.9 million award from the Wellcome Trust. A key milestone was a collaboration with Janssen Pharmaceuticals to advance its lead compound. The company's primary market is ophthalmology, specifically addressing conditions like diabetic macular edema (DME) and wet age-related macular degeneration (wet AMD), which currently rely on invasive monthly injections into the eye.

The lead product candidate, EXN407, is being developed as a first-in-class topical eye drop. This non-invasive approach represents a significant potential shift from the current standard of care. EXN407 works by selectively inhibiting the SRPK1 enzyme, which in turn modulates the alternative splicing of VEGF mRNA. This mechanism targets the production of pro-angiogenic VEGF isoforms that cause the abnormal and leaky blood vessel growth characteristic of retinal diseases. In a Phase Ib/IIa clinical trial involving patients with diabetic macular edema, EXN407 successfully met its primary safety and tolerability endpoints and showed encouraging signs of biological activity. Patients treated with the eye drops demonstrated a reduction in vascular leakage and macular thickness. Following these positive results, Exonate is planning to initiate a larger Phase IIb trial, named CLEAR-DE, in early 2026 to further assess efficacy and dosing.