To date, ONL has raised nearly $15 million through a combination of traditional financing efforts and securing of research grants.
In prior financing, the company completed a $4.25 million Series A financing round that involved both existing and new investors including Novartis, the University of Michigan’s Michigan Investment in New Technology Startups (MINTS) program, Capital Community Angels, Invest Michigan, Biosciences Research & Commercialization Center and Hestia Investments.
Most recently, the company completed a $3 million convertible note financing. Participation in the financing was a balance of current investors, ONL management, and new investors. The largest new investor in the company is InFocus Capital Partners, a leading venture capital firm focused on unique investments in the ophthalmology market.
The proceeds from the convertible note financing, combined with a recent grant from the National Eye Institute, enables ONL to complete an ongoing Phase I clinical study in retinal detachment and perform activities to enable chronic indications with significant unmet needs.