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Novartis Helps Seed Michigan Spinout with New Eye Drug

from Endpoints News

Novartis has joined hands with some local investors in Michigan to come up with a small but significant $4.25 million A round for a startup looking to make a rep for itself in ophthalmology R&D. The money — with includes a converted $1 million loan — will help Ann Arbor, Michigan-based ONL Therapeutics prep for its first clinical trial of ONL1204, a Fas inhibitor designed to guard the retina from cell death — including photoreceptors — triggered by the inflammatory response induced by retinal diseases.

Novartis, the University of Michigan's Michigan Investment in New Technology Startups (MINTS) program, Capital Community Angels, Invest Michigan, Biosciences Research & Commercialization Center and Hestia Investments all joined in the round. more

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