Exonate has successfully fundraised £1.5 million to accelerate development of its lead product - an eye drop treatment for retinal neovascular diseases.

The announcement marks the closing of its fourth financing round, having raised approximately £9 million in total to date, backed by investment from Angel CoFund, Australian venture fund Uniseed, University of Bristol Enterprise Fund, managed by Parkwalk, Martlet of Cambridge, Wren Capital, and O2h Ventures as well as further Angel investors.

The funds raised will be used to accelerate the development of Exonate’s lead product, an eye drop for the treatment of retinal neovascular diseases.

Commenting on the announcement, Dr Catherine Beech, chief executive of Exonate, said: “I am very pleased with the successful closing of this funding round. We would like to take this opportunity to thank our shareholders, both existing and new, for their continued support and belief in our strategy, science and team.

“Exonate believes that our approach to retinal diseases has the potential to significantly improve patients’ lives by providing greater efficacy of a drug, and an alternative option to the current treatment of injections straight into the eye. The monies raised will enable us to progress the first of our innovative treatments towards clinical development.”

Development of this lead product is on track to enter clinical trials in the first indication, for Diabetic Macular Oedema, in 2020.