Korea's Nexcera raises $15M Series B for eye-drop macular treatment

What's the deal? NexceraDealroom has a profile for this one. Try Dealroom →, a Korean biotech developing a wet macular degeneration treatment delivered as eye drops rather than injections, has raised US$18.4M in a Series B round. Woori Venture PartnersDealroom has a profile for this one. Try Dealroom →, an existing backer, served as anchor investor.

Who else joined? KB InvestmentDealroom has a profile for this one. Try Dealroom → and BMI KoreaDealroom has a profile for this one. Try Dealroom → returned as follow-on investors, while Yuanta InvestmentDealroom has a profile for this one. Try Dealroom →, Muir Woods Ventures, and Mirae Asset SecuritiesDealroom has a profile for this one. Try Dealroom → came in as new backers. The payment was completed on September 18, bringing Nexcera's cumulative funding to US$32.7M (roughly $27 million).

What does it do? Wet macular degeneration is a disease in which abnormal blood vessels form in the retina, harming vision. Standard treatment relies on injecting drugs into the eye; Nexcera uses its own drug delivery technology to let eye-drop medication reach the retina.

What's the money for? The funds will go toward US clinical trials of its lead candidate, NT-101, now in part two of a phase 1/2a trial. In part one, the high-concentration group improved maximum corrected vision by an average of 6.2 letters, though the company said efficacy and safety must be confirmed in later trials.

What's the endgame? NT-101 was selected for a national new drug development project in April. "With the funds secured, we will finalize phase 1/2a clinical trial part 2 in the U.S. and prepare for the next step, including an initial public offering," said chief executive officer Park Se-kwang.

The signal: The round stands out as bio venture investment contracts, with Nexcera drawing both repeat and new backers. A less invasive delivery method could reshape a treatment area still dominated by injections — if the clinical data holds.

Read more: mk.co.kr

Image credit: Mikleman