Clinical-stage biopharmaceutical company, Iconic Therapeutics, has announced the closing of a $40 million Series C round of financing. The company is taking Tissue Factor (TF) biology (TF is a naturally occurring protein in humans that regulates blood clotting, blood vessel growth, and inflammation) to create new treatment for age-related macular degeneration with retinal disease in addition to cancer.
According to a company statement, this round will be used to further development of the lead molecule ICON-1 in retinal diseases as well as begin clinical trials in ocular melanoma. How ICON-1 works is it addresses TF overexpression without impairing the body’s ability to respond to the protein’s normal physiological functions. Iconic is working to target TF and demonstrate the selectivity needed to treat disease while leaving healthy tissue and coagulation function intact.
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The financing came from existing investors MPM Capital, H.I.G. Capital and Lundbeckfund Ventures, as well as new contributors HBM Healthcare Investments, Cormorant Asset Management, and Osage University Partners.
With this new funding, Iconic, which has been building its team and Board of Directors to add research and clinical development capabilities, expects to continue to add talent to advance and expand the opportunities that may be addressed with a Tissue Factor-based approach.
Photo: Screenshot via Iconic Therapeutics
