After receiving $2 million in research grant funding in June, a local biotech firm is continuing the trend of North Texas health and biotechnology startups making moves in the ecosystem.
Nanoscope Therapeutics announced closing on an over-subscribed Series A funding round for an undisclosed amount from unnamed investors. Nanoscope plans to use the funds to kick off clinical trails for its therapeutic gene and delivery platform, which focuses on eye disorders.
“We are pursuing a superior clinical and commercial path for treating multiple indications of retinal degeneration without causing deleterious effects on the retina,” said Sulagna Bhattacharya, Nanoscope’s CEO, in a statement.
The Bedford-based startup was initially launched in 2009 by President and Chief Scientific Officer Samarenda Mohanty out of the TechFW incubator program. It is researching and developing the use of light and lasers to insert therapeutic genes into a patient’s eye in order to improve vision lost to diseases like dry, age-related macular degeneration. The company said studies have shown its technology can help restore or improve visual functions in a patient “regardless of underlying gene defects.” According to Nanoscope, there are currently no approved therapies for certain ocular diseases like Retinitis Pigmentosa and macular degeneration.
The company says its low-power, near-infrared laser helps to cut down on the possibility of inflammation and immune-responses, which is common in other treatments. The laser is also being used as a possible way to deliver genes created to vaccinate against Covid-19, the Fort Worth Business Press reports.
“The technology is poised to make long-lasting impact on patients suffering from retinal degeneration. Combined with the track record of the highly skilled executive team and advisors, Nanoscope is going to drive the future market on ocular gene therapy,” Mohanty said in a statement.
While the most recent funding round’s amount was undisclosed, the $2 million multi-year Small Business Innovation Research Award from the National Institutes of Health’s National Eye Institute Nanoscope received in June, brought the company’s total funding to at least $6 million. Nanoscope has previously received grants totaling $4 million from the National Eye Institute and the U.S. Health and Human Services Department – being one of the first for-profit companies to receive such grants.
As part of the new funding, Nanoscope is adding Dr. Alvaro Guillem as its new board chairman. Alvaro most recently served as the president and CEO of Dallas-based ZS Pharma, which he co-founded and eventually sold to Astra Zeneca in 2015 for $2.7 billion. He was also part of the team that brought Mucinex to market at Adams Respiratory Therapeutics.
