PanOptica raises $30M, in-licenses ophthalmic compound

PanOptica Inc. (Mount Arlington, N.J.) raised $30 million in a series A round and in-licensed exclusive, worldwide rights to PAN-90806 from OSI Pharmaceuticals Inc. for ophthalmic indications. The small-molecule selective inhibitor of VEGF is in preclinical testing as a topical treatment for wet age-related macular degeneration (AMD), with Phase I testing slated to begin in 2012. The compound was previously in Phase II testing for late-stage cancer by OSI, a subsidiary of Astellas Pharma Inc. (Tokyo:4503). OSI will receive an upfront payment and equity interest in PanOptica, and is eligible for milestones and royalties. Financial terms were not disclosed. ...