(Alliance News) - Allied Minds PLC on Wednesday said its portfolio company OcuTerra Therapeutics Inc has closed a series B funding round for USD14.6 million.
Ophthalmology drug development company OcuTerra is advancing its OTT166 asset into mid-stage clinical development for the treatment of diabetic retinopathy, a disease that affects the back of the eye.
The Boston, Massachusetts-based intellectual property commercialisation company said proceeds from the funding will be used to prepare for, conduct and report on the results of a future phase two clinical trial of OTT166, as well as for other working capital needs.
Allied Minds said it remains uncertain if OcuTerra will be successful in securing all the funds required to continue developing OTT166.
Shares in Allied Minds were up 3.6% at 24.30 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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