January 12, 2016 in News from Our Companies

Iconic Therapeutics raises $40 million

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http://iconictherapeutics.comIconic Therapeutics, a clinical stage biopharmaceutical company dedicated to translating knowledge of tissue factor biology into new therapeutics for retinal disease and cancer, said it closed its Series C financing and raised $40 million. Proceeds will be used to advance development of lead molecule ICON-1 in retinal diseases as well as begin clinical trials in ocular melanoma, Iconic’s first oncology indication.

Iconic Therapeutics is 2011 Signature graduate company of the Advanced Technology Development Center (ATDC).

This funding round included new investors HBM Healthcare Investments, Cormorant Asset Management, and Osage University Partners. All of Iconic’s existing investors, including MPM Capital, H.I.G. Capital, and Lundbeckfund Ventures, participated in the capital raise.

“We believe that Iconic has the potential to be the first company to successfully target tissue factor. This historically difficult-to-drug pathway could provide novel therapeutic opportunities in both macular degeneration and cancer,” said Matthias Fehr, investment advisor at HBM Partners. “The company has made great progress since Series B, and we are confident that the team will successfully advance its lead program as well as broaden and deepen the pipeline.”

Tissue factor senses damage to blood vessels or inflammatory issues in the body which triggers formations of a blood clot.

“Backed by this strong group of premier life science investors, we intend to continue to leverage our deep understanding of the tissue factor pathway as we develop new molecules, new indications, and new approaches to devastating diseases,” said Dr. William Greene, Iconic Therapeutics’ CEO said. “Iconic is well positioned for leadership in this emerging field. In 2016 we expect to have Phase 2a data in macular degeneration and to initiate clinical development in ocular melanoma.

“Clearly, both our new and existing investors recognize the potential in macular degeneration for a novel disease modifying agent, and in cancer, the opportunity to treat the tumor, its vasculature, and the microenvironment with a single targeted agent.”

Iconic indicated that the company has been building its team and Board of Directors to add research and clinical development capabilities. With new capital, Iconic expects to continue to add key talent to advance and expand the broad opportunities that may be addressed with a tissue factor- based approach.

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