French biotech company SparingVision has raised $75m in a Series B financing round.
The Paris Vision Institute spin-off develops genetic therapies in ophthalmology for the treatment of blinding inherited retinal diseases.
Proceeds from the financing will help advance development of SparingVision’s lead treatments for retinitis pigmentosa (RP), SPVN06 and SPVN20.
RP is one of the leading causes of blindness, affecting around one in 4,000 people in the UK.
The funding will support SparingVision’s first-in-human studies, bringing lead assets to clinical validation.
Proceeds will also accelerate development of other genomic medicine products of the pipeline.
Stéphane Boissel, President, and Chief Executive Officer of SparingVision, said:
“With this financing, we are taking a significant step towards achieving clinical validation of our two lead assets and bringing mutation-agnostic genomic medicines to millions of patients affected by IRDs and dry AMD.
“Our ambition does not stop here, and we remain fully concentrated on our three core pillars of exploration: our mutation-agnostic gene therapies, the genome editing technology toolbox of our strategic partner Intellia Therapeutics and the potential of in-vivo reprogramming in the retina.”
Financing of the round is being co-led by private equity firm Jeito alongside the University of Pittsburgh Medical Center Enterprise (UMPCE).
Ysios Capital, 4Bio, Bpifrance and the RD Fund have also participated.
Dr Rafaèle Tordjman, founder and CEO of Jeito, said:
“SparingVision is one of Jeito’s first investments and we are thrilled today to confirm our support to the Company’s strategy for the best of patients.
“Key milestones have been achieved and the Company will be able to accelerate its two lead assets towards clinical proof of concept.”
Sabine Dandiguian, Managing Partner of Jeito, said:
“We are very pleased to support the success of SparingVision’s incredible management team.
“The future therapies, SPVN06, SPVN20 and tomorrow SPVN50, could change the lives of millions of patients suffering from Inherited Retinal Diseases and dry Age Macular Degeneration.”
