Berlin-based Omeicos Therapeutics has closed €17 million in Series C financing, money the cardio-and-eye focused biotech says it’ll use to take its lead drug OMT-28 into a phase II to study in patients with persistent afib.
The drug is a synthetic version of a molecule derived from omega-3 fatty acids. An interest in omega-3 fatty acid drug development has been reinvigorated by the recent success of Amarin’s purified fish oil pill Vascepa. The round was led by European VC Forbion and included existing investors Vesalius, SICAR, Remiges, and others. Late-stage development for OMT-28 will likely require further funding — and the preferred route is through a partnership, CEO Robert Fischer told Endpoints News in an interview.
“An IPO is also an alternative”, he said.
By the middle of next year the company will also need more cash, in the range of €10 – 20 million, once a decision on which ophthalmology candidate will advance to the clinic is made, he added.
OMEICOS was founded as a spin-off from the Max-Delbrück-Center in Berlin, and its ophthalmology unit is located in Boston. The company has raised about $37 million in funding so far, including €4 million grant from the German Ministry of Education and Research.
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 37,600+ biopharma pros who read Endpoints News by email every day.Free Subscription