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news.EyeCyte, an early stage stem/progenitor cell-based ophthalmology R&D company, has secured its Series A funding through an agreement with Pfizer.
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The financing will fund the company into 2010 and will be primarily used to drive product development of the company’s initial clinical target, diabetic retinopathy.
Under the terms of the deal, Pfizer has invested $3 million in Series A preferred shares of EyeCyte. Pfizer will be the sole pharmaceutical partner and will have an advisory and board role, helping to facilitate technology applications that will have meaningful pharmaceutical and patient impact. Pfizer will also have right of first refusal for a buy-out of EyeCyte or its technologies.
Mohammad El-Kalay, president and CEO of EyeCyte, said: “We are very pleased with the terms of our collaboration and believe that Pfizer shares our goal of building a premier ophthalmology R&D organization with an emphasis on stem/progenitor cell-based therapies.”