Iconic Therapeutics raises $20m to advance clinical development of wet AMD program

Iconic’s lead clinical-stage program is a novel recombinant human chimeric protein therapeutic, hI-con1, licensed from Yale University. hI-con1 binds tissue factor, a promoter of inflammation and angiogenesis, key processes underlying the pathogenesis of age-related macular degeneration (AMD).

When hI-con1 binds, it harnesses the immune system to selectively destroy pathologic neovascular blood vessels such as the choroidal neovascularization (CNV) associated with wet AMD. hI-con1 may also reduce levels of vascular endothelial growth factor (VEGF), a protein known to lead to vascular leakage and decreased vision in AMD.

The company has completed a successful Phase I clinical trial in the US and is planning an international Phase II study.

Concurrent with this financing, MPM partner Dr William Greene has joined the company as CEO. Additionally, MPM Managing director Todd Foley, H.I.G. managing director Dr Bruce Robertson, and Lundbeckfond Ventures senior partner Dr Johan Kordel have joined the board of directors.

Iconic’s co-founder and president Kirk Dornbush noted the financing allows Iconic to take the next step in its development of hI-con1 for the treatment of age-related macular degeneration.

"With the addition of Bill Greene as Iconic’s new CEO, and Mr. Foley and Drs. Robertson and Kordel to our Board, we have now secured the financial infrastructure and executive leadership needed to expertly advance this asset," Dornbush added.

Prior to joining Iconic Therapeutics, Dr Greene was a managing director at MPM Capital where he led investments across the biopharmaceutical and medical device spectrum. Previously, he was a senior clinical scientist at Genentech where he led the early clinical development of Lucentis for AMD.