Oculis raises CHF20M series B

Oculis ehf (Lausanne, Switzerland) raised CHF20 million ($20.3 million) in a series B round led by Bay City Capital, Novartis Venture Fund and Pivotal bioVenture Partners. Existing investors Brunnur Ventures and Silfurberg also participated.

The round includes an initial CHF18 million tranche. Oculis expects the remaining CHF2 million in 1H19, pending milestones including submission of an IND for lead candidate OC-118 to treat diabetic macular edema. The therapy is a topical dexamethasone formulation developed using the company's Solubilizing Nanoparticle (SNP) technology platform.

Oculis expects data in late 2Q19 from a Phase IIb study of OC-118 in DME patients. CEO Riad Sherif told BioCentury the company is considering expanding development of OC-118 to other ophthalmic indications, such as dry eye and glaucoma. Oculis also plans to use its SNP technology to develop additional candidates for ophthalmic indications.

Also on Thursday, Oculis named Sherif CEO. He succeeds Páll Ragnar Jóhannesson, who will become CFO and managing director in Iceland. Sherif was area president of Europe, Middle East and Africa at the Alcon Inc. division of Novartis AG (NYSE:NVS; SIX:NOVN). Sabri Markabi, who was Alcon's SVP, CMO and head of R&D, will become Oculis' CSO, and Oculis co-founders Einar Stefánsson and Thorsteinn Loftsson will become chief innovation officer and chief research and technology officer, respectively.

Florent Gros, a managing director at Novartis Venture Fund, joined Oculis' board as chairman. Also joining the board are Stefan Sveinsson, who was global EVP of R&D at Actavis plc, now Allergan plc (NYSE:AGN); Brunnur Ventures' Arni Blöndal; Bay City Capital's Lionel Carnot; and Pivotal bioVenture's Rob Hopfner.

Additionally, Oculis is moving its corporate headquarters to Lausanne from Reykjavik. Its R&D operations will remain in Iceland.

In 2016, Oculis raised $5 million in a series A round led by Brunnur Ventures and Silfurberg.