On August 9, 2023, China's leading gene therapy company specializing in ophthalmic diseases, Neurophth (纽福斯), announced the completion of a C+ round of financing of nearly CNY 700 million.
Founded in 2016, Neurophth is the first ophthalmic gene-drug research and development company in China. As a clinical-stage R&D company, the company is focused on identifying and developing innovative treatments for patients with ophthalmic diseases worldwide.
Taking Lebers hereditary optic neuropathy (LHON) as an entry point, Neurophth has carried out the largest clinical trial of LHON gene therapy in the world, and its safety and efficacy have surpassed those in Europe and the United States, becoming a leader in the industry. In addition, the company has established a complete team of R&D and industrialization scientists. They not only have made a breakthrough in the field of LHON, but also actively expanded to the field of gene therapy for other genetic diseases. These research results have been recognized by a number of national invention patents and the International Patent Cooperation Treaty (PCT).
According to Mordor Intelligence, during the forecast period (2023-2028), the compound annual growth rate of the ophthalmic drug market will reach nearly 4.6%. According to the estimates of the World Health Organization, as of 2021, about 2.2 billion people around the world will suffer from visual impairment or blindness, of which at least 1 billion visual impairments can be avoided through preventive measures. The growth of the ophthalmic drugs market is driven by several major factors, which include the continuous rise in the incidence and prevalence of eye-related diseases, increased activities related to the development of new drugs, and increasing focus on the development of combination therapies.
With a mature AAV gene therapy technology platform, Neurophth has built a rich product pipeline, including more than 10 projects under development, covering solutions for optic nerve injury diseases, vascular retinopathy, and other ophthalmic diseases. Neurophth's strategic layout spans Wuhan, Suzhou, Shanghai, and the United States, and is committed to becoming a global leader in ophthalmic gene therapy and an innovative technology company with international competitiveness.
Ophthalmic drugs have attracted a lot of companies to enter the market. Representative companies in China include SINQI (兴齐药业), Everyday Bright Eyes (远大天天明), Freda (福瑞达药业), and HUONLAND (汇恩兰德). Internationally, Bausch Health in Canada, Novartis AG in Switzerland, Pfizer in the United States, and Bayer AG in Germany are quite powerful.
This round of financing for Neurophth was jointly led by Changjiang Zhaoyin (长江招银) and three state-owned enterprises, Optics Valley Financial Holdings (光谷金控), Wuhan Hi-Tech (武汉高科), and Optical Valley Health Industry Equity Investment (光谷健康投), together with Guangzhou Financial Holdings (广州金控); SDIC (国投招商), TTGG (天堂硅谷), Yangze Investment (长江产投) and other well-known investment institutions jointly participate in the investment. The funds obtained from the C+ round of financing will be used for the continuous advancement of clinical trials of core products, as well as the improvement of the company's R&D capabilities and product pipeline expansion.