The investment will enable Eyestem to progress a treatment for dry age-related macular degeneration to the clinic
Eyestem, a Bengaluru-based cell therapy company, has raised $6.4 million (Rs 51 crore) in a Series A round led by three pharma majors – Biological E. Limited (BE), Alkem, NATCO and Anurag and Karan Bagaria, promoters of Kemwell Biopharma. Existing investors Endiya Partners and Kotak Private Equity also participated in this round, valuing Eyestem at $46.4 million (RS 371 crore) post money.
Eyecyte-RPE, the company’s patented flagship product, is an experimental treatment for Dry Age-Related Macular Degeneration (Dry AMD) and the company has other products in the pipeline for the treatment of incurable diseases affecting humanity. EyeCyte-RPE replaces damaged retinal pigment epithelium cells and is designed to restore sight for patients in early stages of Macular Degeneration or arrest loss of vision for those in later stages.
The product is allogenic, administered by a surgical procedure and is patented in India and abroad. The company intends to file for a first in human trial for the product within a year in consultation with CDSCO and US FDA.