Cenova leads $40m Series B for China's Eluminex
China-based healthcare investor Cenova Capital has led a USD 40m Series B round for Eluminex Biosciences, which is developing drugs and regenerative tissue used to treat eye disease and other vision-threatening medical conditions.
Additional commitments came from Guangzhou Yuexiu Industrial Investment Fund Management, 3E Bioventures Capital, Oriza Holdings, and Eluminex’s Series A investors. The company raised USD 50m in late 2020 from GL Ventures, Lilly Asia Ventures (LAV), and Quan Capital.
Eluminex was founded in 2020 by Jinzhong Zhang, who continues to serve as chairman and CEO, in conjunction with Zhenze Hu and LAV. The company moved its headquartered to Suzhou BioBay in 2021, establishing a 24,000-square-metre R&D facility. There is also a US regional office in the south San Francisco biotech corridor that supports global clinical development and registration processes.
Eluminex’s pipeline of ophthalmology treatments features several that focus on retinal conditions, including age- and diabetes-related eye diseases and vision loss caused by abnormal blood vessel growth in the eye. These are in pre-clinical development. Another drug, currently in phase-two trials, focuses on a rare form of childhood blindness caused by genetic mutation.
The company is also building a manufacturing facility for recombinant human collagen biosynthetic cornea and other collagen-based products. Eluminex believes it is on course to develop the world’s first biosynthetic cornea for the treatment of corneal stromal blinding diseases caused by infections that lead to lesions on the surface of the eye. The treatment is currently in phase-three trials.
A lack of available donor human corneas is a significant issue in China, according to Eluminex. Approximately 8,000 donor corneal transplants are conducted each year, but an estimated 150,000-200,000 new patients are eligible for corneal transplantation. The company secured an exclusive global license for its biosynthetic cornea from US-based FibroGen.
“With the Series B raise, the company will use the proceeds to further mature our innovative ophthalmic pipeline as well as the recombinant human collagen technology platform to meet the needs of patients in China and globally. We are grateful to the four well-known institutional investors and current shareholders for their recognition and support of Eluminex,” Zhang said in a statement.
Other China-based ophthalmology start-ups that have received VC funding include Arctic Vision, which closed a USD 100m Series B in March 2021, and Zhaoke Ophthalmology Pharmaceutical (ZKO), a subsidiary of Lee’s Pharmaceutical that raised a USD 145m Series B in October 2020.
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