Arctic Vision Announces $32M in Series A to Expand and Develop Innovative Therapies Pipeline in Ophthalmology

According to PRNewswire, on July 13, 2020, Arctic Vision, a clinical-stage biotechnology company incubated by Nan Fung Life Sciences and Pivotal BioVenture Partners China in 2019, announced its US$32 million Series A financing led by Morningside Ventures, together with its existing investors. Arctic Vision focuses on the development and commercialization of innovative ophthalmology therapies in China and Asia. The three investment institutions are actively investing in leading life science companies in the world with long term commitment.

Arctic Vision will use the proceeds to gear up the clinical trials for ARVN001. ARVN001 is a proprietary suspension of the Triamcinolone Acetonide formulated for Suprachoroidal Space (SCS) administration via proprietary SCS Microinjector™ (known as XIPERE™ in the US). The first pursued indication in China will be macular edema associated with uveitis (UME). This innovative therapy is developed by Clearside Biomedical, Inc. Arctic Vision has exclusive rights to develop and commercialize the product in Greater China and South Korea.

Arctic Vision also plans to use the proceeds to expand its innovative product portfolio in ophthalmology, while building in-house R&D capabilities at the same time. The company's goal is to address unmet medical needs in the ophthalmology field, and to bring in cutting-edge drug delivery technologies and treatment options to the Asian market, especially China.

Dr. Eddy (Hoi Ti) Wu, Founder and CEO of Arctic Vision, commented: "We welcome the investments from the leading biotech-focused venture capital firms. The Series A financing is an important step for us as an emerging biotech company to become an ophthalmology leader in the China and global markets. We see huge unmet clinical needs in ophthalmology in China. Therefore, we hope to bring more innovative and breakthrough treatments to our markets and continue to develop them for our patients. In future we will further explore gene therapies, innovative drug delivery systems and other cutting-edge technologies for the ultimate benefit of patients with eye diseases."

Morningside Ventures was founded in 1986 in Boston by the Chan Family of Hong Kong. Since its establishment, Morningside has been focusing on trends of the forefront life science and healthcare industries over the world, spreading its business scope and investment footprint over North America, Europe and Greater China. To date, Morningside Ventures has funded over a hundred life science and healthcare startups in China.

Nan Fung Life Sciences, a global life sciences investment platform with a long-term capital commitment from the Nan Fung Group. The team possesses diverse experience with long track records in company formation, venture capital, growth/buyout investments, and drug discovery and development. 

Through direct investments via Pivotal BioVenture Partners US and Pivotal BioVenture Partners China as well as fund investments, NFLS cover the full spectrum of the life sciences industry including therapeutics, medical devices, and diagnostics and across all development stages.

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