Opthea Ltd. has secured nondilutive funding to complete phase III development and commence commercialization of its wet age-related macular degeneration (wet AMD) treatment OPT-302, in a $170 million agreement with Launch Therapeutics, an operating company set up earlier this year by the private equity group Carlyle to manage biotech investments. Under the terms of the deal, Launch will now commit $120 million in three instalments at fixed time points, with an option to invest a further $50 million.

LONDON – The team that opened up the market for anti-vascular endothelial growth factor (VEGF) drugs in the treatment of eye diseases has formed a new company, Eyebio Ltd., with the aim of developing a new generation of ocular therapies. David Guyer and Anthony Adamis, founders of Eyetech Pharmaceuticals Inc., which brought Macugen (pegaptanib sodium) through to FDA approval in December 2004, set up Eyebio in August last year, with seed funding from SV Health Investors.