VISION: Deerfield Management and KKR Invest in Cell Therapy Company Aurion Biotech
Posted on 04/16/2022
Seattle-based Aurion Biotech is a developer of regenerative therapies for vision loss. Aurion Biotech secured a US$ 120 million financing that was led by Deerfield Management, and included existing investors Petrichor Healthcare Capital Management, Flying L Partners, Falcon Vision, an ophthalmology-focused investment platform supported by KKR, and Visionary Ventures, a ophthalmology-focused venture fund. Alcon also participated in the financing. The raised funds will be disbursed to Aurion Biotech based on the achievement of key clinical and operational milestones.
KKR formed Falcon Vision in February 2019 and the funding came from KKR’s Health Care Strategic Growth Fund. Falcon Vision sources, evaluates, and provides operational and financial capabilities to a diversified group of emerging ophthalmic medical device and biopharmaceutical companies.
Aurion Biotech’s first candidate is a cell therapy for the treatment of corneal edema secondary to endothelial dysfunction. The cell therapy is developed by ophthalmic surgeon and research scientist Professor Shigeru Kinoshita and his colleagues at Kyoto Prefecture University of Medicine (KPUM) in Japan. Aurion Biotech acquired this technology in 2020. Aurion Biotech is currently preparing to submit a J-NDA for market approval in Japan, and an IND to initiate clinical trials in the U.S. Corneal edema secondary to endothelial dysfunction is a sight-threatening and debilitating condition affecting millions of people throughout the world. When corneal endothelial cells die or degrade, they do not regenerate. Ultimately, corneal endothelial cell loss can cause corneal edema and loss of vision.
Aurion Biotech intends to use the proceeds of this financing to advance its cell therapy program for corneal edema secondary to endothelial dysfunction, which affects approximately 16 million people in the United States, Europe. and Japan.
Advisors
Raymond James served as the exclusive financial advisor to Aurion Biotech, in connection with this offering.
