Aviceda raises $207.5m for eye drug, and other financings

Aviceda Therapeutics has got biotech financing in 2025 off to a flying start by raising $207.5 million to take its lead drug for sight-robbing disease geographic atrophy (GA) into pivotal testing.

The Series C round – co-led by Omega Funds and TCGX – will help fund an ongoing phase 2/3 SIGLEC trial of AVD-104 in GA secondary to age-related macular degeneration (AMD), which should generate data in the latter half of this year, as well as a phase 3 programme if all goes to plan.

AVF-104 takes the form of a glycan-coated nanoparticle designed to treat GA with a dual mechanism of action, resetting overactive microglial and macrophage cells from a destructive to a healing state and inhibiting complement-mediate inflammation.

Cambridge, Massachusetts-based Aviceda reported proof-of-concept data with AVD-104 from a phase 2a trial in early 2024 that suggested it was able to slow down GA lesions in the eye and preserve or even enhance visual function.

There were no FDA-approved therapies for GA secondary to AMD, a leading form of blindness, until the US regulator cleared Apellis' complement C3 inhibitor Syfovre (pegcetacoplan) in 2023. That was followed shortly after by the FDA approval of Astellas' C5 inhibitor Izervay (avacincaptad pegol), although, a subsequent attempt by the company to broaden its label was turned down.

Aviceda reckons that AVD-104 could provide a step up in efficacy, and is directly comparing the drug – given as either a monthly or bimonthly injection into the eye – with monthly Izervay dosing in the SIGLEC study.

"This raise reflects the strong conviction from investors in Aviceda's lead programme AVD-104 for geographic atrophy – a market poised for disruption and an improved standard of care, given current treatments offer limited benefits in visual improvements, lesion control, and safety," commented the biotech's chairman, David Guyer.

Investment firms Enavate Sciences, Jeito Capital, Blue Owl Healthcare Opportunities, Longitude Capital, OrbiMed, Logos Capital, Marshall Wace, Catalio Capital Management, funds managed by abrdn, and Digitalis Ventures also participated in the round.

Other financings

In other financing news in the last few days, Danish biotech Orbis Medicines completed a €90 million ($93 million) Series A to fund the development of its pipeline of oral macrocycle drugs, a class that lies between small-molecule and biologic drugs, combining the ease of delivery and absorption of the former with the targeting power of the latter. The company said it is targeting "high-value oral alternatives to blockbuster biologic drugs."

The Copenhagen-based company has also appointed Morten Graugaard as chief executive, after nearly three years serving as chair of its board. The financing was led by NEA with new investors Lilly Ventures, Cormorant, the Export and Investment Fund of Denmark, and founding investors Novo Holdings and Forbion taking part.

China's Alebund Pharmaceutical – which specialises in drugs for kidney diseases and related chronic conditions – has closed a RMB 550 million ($75 million) third round that featured investors including Yangzhou Guojin Investment Group and Kingray Capital.

The new funding will be used to advance multiple clinical programmes and support a regulatory filing in China for iron-based phosphate binder AP301, a phase 2 study of pan phosphate transporter inhibitor AP306, and the commercial rollout of red blood cell stimulator Mircera (PEG-epoetin beta) – licensed from Roche – in the Chinese market.

Gene therapy start-up XyloCor Therapeutics announced a $67.5 million Series B that will be used to fund the development of its cardiovascular gene therapy XC001 (encoberminogene rezmadenovec), which is scheduled to start a phase 2b trial in refractory angina and a phase 2 study in coronary artery bypass graft (CABG) patients later this year. XC001 is designed to promote new blood vessels in the heart that will bypass diseased blood vessels and improve blood flow.

The round was led by new investor Jeito Capital, with participation from existing backers including EQT, Fountain Healthcare Partners, and Lumira Ventures.

Finally, Beijing, China-based PrimeGene has closed an RMB 300 million ($46 million) second round that will mainly support its phase 3 programme and regulatory filing for JAK inhibitor pumecitinib gel (PG-011) as a treatment for atopic dermatitis in adults and adolescents, as well as testing of the drug in other indications.

The round saw participation from Beijing Pharmaceutical and Health Industry Investment Fund, Yishuang State Investment, Shoufa Development, Beijing Science and Technology, Zhengqi Energy, and other institutional funds and individual investors. The company said it is also preparing for an initial public offering (IPO) on the Beijing Stock Exchange.