Oculis raises $15.8 million; inks deal with Novartis

Swiss privately-held ophthalmics company Oculis has successfully raised a further 15.5 million Swiss francs ($15.8 million) in an extension of its Series B financing round, announced in January 2018, bringing the total raised to 35.5 million francs. The extension round was led by funds managed by Tekla Capital Management and included Nan Fung Life Sciences, both new investors, as well as Oculis’ current investors.

The funds will be used to expand the company’s portfolio through strategic in-licensing (see below), and to advance the development of its emerging pipeline of novel topical (eye drop) treatments for major ophthalmic diseases. Key among its clinical candidates is OCS-01 (formerly OC-118), currently in clinical trials in patients with diabetic macular edema (DME) and in preparation to enter clinical development for post-surgery ocular inflammation.

Oculis will also use the funds to develop its newly in-licensed asset LME636 from Swiss pharma giant Novartis (NOVN: VX), a topical anti-TNF alpha antibody. Efficacy and safety of LME636 (to be renamed OCS-02) have been evaluated in three clinical trials including controlled studies under IND by Novartis Institute of Biomedical Research. The studies demonstrated a promising profile for treating inflammatory conditions of the anterior segment of the eye, including dry eye disease and offer Oculis the opportunity to address unmet medical needs of patients with potentially the first topical anti-TNF alpha therapy for ophthalmic indications.