fbpx

Eyestem raises Series A round from Biological E, Alkem and others

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.

Jogin Desai, Founder and Chief Executive Officer of Eyestem said in a statement, “We started Eyestem with the sole purpose of being able to create cell therapy products at scale for diseases that devastate a large number of people in India and the world. The support of major Indian pharma companies who share our vision endorses our strategy of developing affordable innovation for patients worldwide. Post this funding, we will remain focussed on solidifying our cell therapy platform and moving our flagship product for Dry AMD through early clinical trials of an international standard.”

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.

Commenting on the fundraise, Ramesh Byrapaneni, Managing Partner of Endiya Partners said, “Endiya partners is delighted to back such strong, globally competitive innovative start-ups and participate in the current funding round. The addition of leading pharma and biotech investors on our cap table is a great validation of the world class science that Eyestem is pursuing which can change millions of lives globally.”

Founded in 2016, by an experienced team of clinical research, regenerative medicine and ophthalmology experts, Eyestem is advised by a world-class Board and has built collaborations with other leaders in related scientific disciplines in India, UK, Japan and the United States. The long-term vision is to develop a scalable cell therapy platform to treat incurable diseases and democratize access to these newer technologies globally.

Eyestem raises Series A round from Biological E, Alkem and others. Congratulations to the entire team. I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business. For any rectifications, reach out to ashu@startuplanes.com

Tags

top