Loyal Valley leads Series B for China vision therapy start-up
China-based eye disorder specialist Arctic Vision has raised a $100 million Series B round led by Loyal Valley Capital. Tencent Holdings, Octagon Capital, and New World Development CEO Adrian Cheng also participated.
The company was incubated in 2019 by Nan Fung Life Sciences and Pivotal BioVenture Partners China. Both are controlled by Hong Kong property developer Nan Fung Group. 5Y Capital led a $32 million Series A in July 2020. Nan Fung Life Sciences, Pivotal and 5Y have all re-upped in the Series B.
Arctic Vision licenses innovative ophthalmology therapies and rolls them out in Asia, with a particular focus on China. It has three products in or about to commence phase-three trials.
The prime asset is a treatment for macular edema developed by US-based Clearside Biomedical. Arctic Vision has exclusive commercialization rights for Greater China and South Korea. The therapy has won investigational new drug (ING) approval in China and is expected to start phase-three trials this year. It is set to become a first-in-class product in China.
Arctic Vision is also developing treatments for progressive myopia in children and presbyopia. The former is characterized by difficulty seeing far removed objects, while symptoms of the latter include an inability to focus on nearby objects. IND applications are in process.
The proceeds of Series B will be used to advance clinical trials - several drugs are scheduled to enter this development phase in 2021 - and support the commercialization of the existing pipeline. Arctic Vision will also establish an in-house R&D platform and recruit additional team members.
Other investment activity in this space includes a $50 million Series-A round for eye disease specialist Elumninex Biosciences - which was incubated by Lilly Asia Ventures - and a $145 million Series B for Zhaoke Ophthalmology Pharmaceutical (ZKO), a subsidiary of Lee's Pharmaceutical. ZKO licenses global ophthalmology products for distribution in China.
CEC Capital served as the exclusive financial advisor for Arctic Vision's Series B.
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