RetiPharma has secured funding from the Novo Nordisk Foundation’s BioInnovation Institute (BII) to develop treatments of degenerative eye disorders.
The funding will be used to prepare its lead drug RP001 for a clinical proof-of-concept study in patients with retinal detachment as well as to in source additional compounds using RetiPharma’s translational platform. RP001 is a new peptide drug for intravitreal [eye] injection that has demonstrated functional improvement of the sight as well as neuroprotection in several in vivo models.
1.3 million EUR
The BII has provided EUR 1.3 million as funding in a convertible note which paid in tranches according to achievement of agreed milestones.
“RetiPharma has a skilled team with lots of passion for their exciting new concept that addresses an unmet medical need in treating degenerative eye disorders. “We are glad to have RetiPharma in our newly opened incubator,” says Thomas Nagy, Director of BII.
Assuming the positive in vivo effects of RP001 can be demonstrated in patients with retinal detachment, it will open up a potential to explore this novel target in other degenerative eye disorders, such as Retinal Vein Occlusion (RVO), Acute Glaucoma, Diabetic Macular Edema (DME) and Age-related Macular Degeneration (AMD).
Market entry 2024?
The translational in vivo platform has been developed in parallel with the groundwork of RP001 that have already demonstrated effect on end-points that are relevant for clinical studies in man. End-points are measured by the same equipment used in the clinic adding to the comfort of seeing the effects translated in patients. RP001 could reach the market under an accelerated regulatory process as early as 2024.
An contribution to the Nordic/Danish community
“The initiative taken by the Novo Nordisk Foundation to establish the BII is an amazing contribution to the Nordic/Danish community of life science start-ups. We in RetiPharma have been very pleased with the collaboration and to see RetiPharma entering the spot light of promising companies,” says Morten Albrechtsen, Chairman.
Photo of Thomas Nagy, Director BII