Iconic Therapeutics completes $20 million Series B-1 equity financing

Apr 16 2014

Iconic Therapeutics, Inc., a biotechnology company focused on developing therapeutics for serious eye disorders, announced today that it has successfully completed a $20 million Series B-1 equity financing from new investors MPM Capital, Lundbeckfond Ventures, and H.I.G. BioVentures.

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 1 clinical trial in the U.S. and is planning an international Phase 2 study.

Concurrent with this financing, MPM partner William Greene, MD, has joined the company as Chief Executive Officer.  Additionally, MPM Managing Director Todd Foley, H.I.G. Managing Director Bruce Robertson, PhD, and Lundbeckfond Ventures Senior Partner Johan Kordel, PhD, have joined the Board of Directors.

Todd Foley, Managing Director at MPM Capital said, "The treatment of AMD is a $6 billion and growing market with few new mechanistic approaches in development.  Based on the biology and the Phase 1 clinical data, we believe Iconic has the most promising early clinical program in the field."

"Today's financing allows Iconic to take the next step in its development of hI-con1 for the treatment of age-related macular degeneration," said Kirk Dornbush, Iconic's Co-Founder and President.  "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."

William Greene added, "I am honored and excited to join Iconic Therapeutics at this important juncture in its history.  AMD remains a devastating threat to health and wellbeing despite the advances in treatment brought by anti-VEGF agents.  Patients and physicians need new treatment options to address the full spectrum of disease.  With hI-con1, Iconic is well positioned to be a leader in the development of next-generation therapies."

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.  Dr. Greene received a BA from Wesleyan University and an MD from the University of California, San Francisco Medical School.