Boston, MA – June 25, 2024 – Ollin Biosciences, a pioneering biopharmaceutical company dedicated to revolutionizing ophthalmology, has successfully closed a significant $330 million Series B financing round. This substantial capital infusion is poised to propel the global Phase III development of its lead investigational drug, OLN324, a novel bispecific antibody targeting diabetic macular edema (DME) and wet age-related macular degeneration (wAMD). The funding, which was notably oversubscribed, underscores strong investor confidence in Ollin’s innovative pipeline and its potential to redefine the standard of care for patients suffering from these debilitating retinal vascular diseases.
The financing round was co-led by TCGX, a prominent new investor, and ARCH Venture Partners, a founding investor deeply committed to Ollin’s vision. The participation of a distinguished syndicate of investors, including Blackstone Multi-Asset Investing, Canada Pension Plan Investment Board, Monograph Capital, Mubadala Capital, and RA Capital Management, further solidifies the financial bedrock for Ollin’s ambitious clinical development plans.
A Pivotal Moment for Retinal Disease Treatment
The $330 million in funding represents a critical milestone for Ollin Biosciences, empowering the company to initiate comprehensive global Phase III clinical trials for OLN324. These pivotal trials are slated to commence in the latter half of 2026, marking a significant step towards bringing this promising therapeutic candidate to patients worldwide.
"We founded Ollin with the explicit mission to challenge the existing paradigms in ophthalmology," stated Jason Ehrlich, Co-founder and CEO of Ollin Biosciences. "We are immensely proud to welcome a world-class syndicate of investors, both new and existing, who share our unwavering commitment to advancing OLN324 as a potential new standard of care in retinal vascular diseases. Their substantial support is a powerful testament to the robustness of our scientific rationale, the compelling nature of our clinical data, the immense commercial opportunity within the estimated $15 billion retina market, and the truly differentiated clinical profile that we believe OLN324 can offer to physicians and, most importantly, to patients."
The successful financing round also signifies a strategic validation of Ollin’s long-term growth strategy, enabling the company to simultaneously advance its promising pipeline. Beyond OLN324, the funding will support the progression of OLN102, a novel bispecific antibody targeting the thyroid-stimulating hormone receptor (TSHR) and the insulin-like growth factor 1 receptor (IGF-1R). OLN102 is being developed for the treatment of thyroid eye disease and Graves’ disease and is anticipated to enter clinical development later this year, with expected clinical progression in 2026. This dual-pronged approach highlights Ollin’s commitment to addressing a spectrum of unmet needs within ophthalmology and beyond.
OLN324: A Promising New Frontier in Retinal Therapy
OLN324 is a novel bispecific antibody designed to simultaneously inhibit vascular endothelial growth factor (VEGF) and angiopoietin-2 (Ang2). This dual mechanism of action is believed to offer a more comprehensive approach to managing neovascular eye diseases by targeting both the aberrant blood vessel growth (driven by VEGF) and the destabilization of existing blood vessels (influenced by Ang2). This synergistic approach has the potential to lead to more durable and effective therapeutic outcomes.
The efficacy and safety profile of OLN324 have been rigorously evaluated in the JADE clinical study, a 164-patient, head-to-head, randomized, proof-of-concept trial. This study directly compared OLN324 against faricimab (Vabysmo), a leading therapy in the market. The results of the JADE study were highly encouraging, demonstrating that OLN324 achieved faster and more significant improvements in retinal anatomy compared to faricimab in patients with both DME and wAMD. Furthermore, OLN324 exhibited numerically greater gains in visual acuity, suggesting a superior clinical benefit.
The company has proactively engaged with regulatory authorities to ensure a smooth path forward. Ollin Biosciences has successfully completed an End-of-Phase II meeting with the U.S. Food and Drug Administration (FDA) and has received scientific advice from the European Medicines Agency (EMA) regarding its planned Phase III program for OLN324. These interactions are crucial for aligning the Phase III trial designs with regulatory expectations and optimizing the development process.
OLN324 was initially discovered and is being developed in close collaboration with Innovent Biologics, a leading biopharmaceutical company in China. This partnership leverages Innovent’s expertise in antibody development and manufacturing, further bolstering the program’s potential.
Strategic Investors and Board Expansion
The influx of capital has also prompted a strategic expansion of Ollin’s leadership team. Following the financing, Cariad Chester has joined the Ollin Biosciences board of directors, representing the interests of TCGX. Chester’s extensive experience in the investment sector is expected to provide valuable strategic guidance as the company navigates its next phase of growth.
The caliber and breadth of investors in this Series B round underscore a collective belief in Ollin’s scientific innovation and its potential to address significant unmet medical needs. The commitment from ARCH Venture Partners, a firm renowned for its early-stage investments in groundbreaking science, highlights the foundational strength of Ollin’s research and development efforts. The inclusion of diversified global institutional investors like Blackstone Multi-Asset Investing and Canada Pension Plan Investment Board signals a mature and confident market perception of Ollin’s long-term prospects.
The Unmet Need in Retinal Vascular Diseases
Diabetic macular edema (DME) and wet age-related macular degeneration (wAMD) are leading causes of vision loss and blindness globally, impacting millions of individuals and placing a substantial burden on healthcare systems. DME is a complication of diabetes characterized by fluid accumulation in the macula, leading to blurred vision. wAMD, on the other hand, involves the growth of abnormal blood vessels under the retina, which can leak fluid and blood, causing rapid and severe vision loss.
Current treatments for these conditions, primarily anti-VEGF therapies, have significantly improved patient outcomes. However, a considerable proportion of patients either do not respond adequately to these treatments or experience a loss of efficacy over time. This persistent unmet need drives the search for novel therapeutic agents with enhanced efficacy, durability, and potentially improved safety profiles. OLN324, with its dual-mechanism approach, is positioned to address these limitations and potentially offer a superior treatment option.
The Path Forward: Global Trials and Future Prospects
The successful completion of the Series B financing provides Ollin Biosciences with the critical resources to execute its ambitious global Phase III development strategy. The upcoming trials will be designed to confirm the robust efficacy and safety signals observed in earlier studies, ultimately aiming to secure regulatory approvals in major markets worldwide.
The company’s commitment to advancing OLN102 further demonstrates a broader vision for tackling complex autoimmune and inflammatory conditions. Thyroid eye disease and Graves’ disease are often associated with significant morbidity, and the development of targeted therapies like OLN102 holds promise for improving the quality of life for affected patients.
"We are at an inflection point, poised to translate our scientific discoveries into transformative therapies," added Jason Ehrlich. "The unwavering support of our investors fuels our determination to overcome the challenges ahead and to make a meaningful difference in the lives of patients suffering from severe visual impairment. Our focus remains steadfast on executing our clinical development programs with excellence and speed."
As Ollin Biosciences embarks on its global Phase III journey with OLN324, the biopharmaceutical industry will be closely watching its progress. The company’s strategic approach, robust scientific foundation, and strong financial backing position it as a formidable player in the competitive landscape of ophthalmic drug development, with the potential to reshape the future of retinal disease treatment.
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