Eye dis­ease biotech rais­es $46.9M in Se­ries B; Jour­ney Med­ical Cor­po­ra­tion shells out $20M up­front for der­ma­tol­ogy fran­chise

ONL Ther­a­peu­tics — an Ann Ar­bor, MI biotech that got its ini­tial back­ing from No­var­tis in a 2017 Se­ries A for its lead can­di­date Fas in­hibitor ONL1204 — just got its next cash in­fu­sion.

The biotech an­nounced this morn­ing that it closed on its sec­ond tranche of a Se­ries B round, rais­ing a to­tal of $46.9 mil­lion. Quite a few in­vestors tagged on­to the fi­nanc­ing — Bios Part­ners led the round along­side new in­vestors John­son & John­son In­no­va­tion – JJDC, Inc, Kaitai Cap­i­tal, PSQ Cap­i­tal, and Michi­gan Cap­i­tal Net­work Ven­ture Fund III. Re­turn­ing in­vestors in­clud­ed In­Fo­cus Cap­i­tal Part­ners, ExSight Ven­tures, the Uni­ver­si­ty of Michi­gan’s Michi­gan In­vest­ment in New Tech­nol­o­gy Star­tups (MINTS) pro­gram, West­ern Michi­gan Uni­ver­si­ty’s Bio­sciences Re­search & Com­mer­cial­iza­tion Cen­ter, and the Cap­i­tal Com­mu­ni­ty An­gels.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER