Icon Bioscience has scored $14.9 million in a Series B round of financing, according to an SEC filing on Wednesday. The funding comes as the California drug developer advances a lead therapy for patients after cataract surgeries in late-stage development.
The company plans a second pivotal study of its most advanced drug candidate for treating inflammation of the eye after cataract surgeries, the San Francisco Business Times reported. The drug candidate, dubbed ICI-10090, is injected and designed to deliver a common corticosteroid called dexamethasone. Previous trials have compared the drug candidate to existing eye drops to control inflammation, and the company aims to seek approval of 10090 next year.
Icon CEO William "Sandy" White said Friday that Cignet Healthcare Partners led the first closing of the Series B round. The SEC filing indicates that Icon reeled in investments from 8 backers in the round, and the company seeks an additional $5.1 million to bring the financing to $20 million. The company previously raised $17 million in a Series A round from individual investors, White said.
As the SF Business Times reported, the company launched in 2007 and has a uveitis drug in midstage development and a Phase I study of a glaucoma treatment.
Editor's note: Updated with information from the CEO, who called FierceBiotech after the story was published on Thursday.