PanOptica licenses VEGF inhibitor

January 12, 2011

PanOptica Inc. has raised $30 million in financing, coinciding with the company?s successful licensing of exclusive worldwide ophthalmic rights to a selective inhibitor of vascular endothelial growth factor (PAN-90806, OSI Pharmaceuticals) in exchange for up-front cash, equity interest in PanOptica, and potential future milestones and royalties.

Mount Arlington, NJ-PanOptica Inc. has raised $30 million in financing, coinciding with the company’s successful licensing of exclusive worldwide ophthalmic rights to a selective inhibitor of vascular endothelial growth factor (VEGF) (PAN-90806, OSI Pharmaceuticals) in exchange for up-front cash, equity interest in PanOptica, and potential future milestones and royalties.

Specific financial terms of the agreement have not been disclosed.

The VEGF selective inhibitor involved in the transaction shows potential as a topical treatment for neovascular age-related macular degeneration (AMD).

“We’re thrilled to have completed our Series A financing, which enables us to advance [the VEGF selective inhibitor] through phase II clinical trials, complete a licensing deal for a second compound and develop it through phase II, and select a third asset, which we’re actively seeking,” said Paul Chaney, co-founder, president, and chief executive officer (CEO) of PanOptica.

PanOptica also has created a board of directors chaired by David Guyer, MD, founder and former CEO of Eyetech Pharmaceuticals and currently a partner of SV Life Sciences. Additional board members include Lutz Giebel, PhD, managing partner of SV Life Sciences; Kevin Starr, partner of Third Rock Ventures; and Chaney. Two independent board members will be appointed.