US conjunctivitis treatment funded by the MRCF

Okogen, a San Diego developer of ophthalmic anti-infective drugs, has received $13 million in Series A funding from Australia’s Medical Research Commercialisation Fund (MRCF) to advance its viral conjunctivitis treatment.

Managed by Brandon Capital Partners, the fund’s investment will go towards the ongoing development of Okogen’s lead candidate, OKG-0301. OKG-0301 is an ophthalmic formulation of ranpirnase — a potent ribonuclease with established broad-spectrum antiviral properties.

Adenoviral conjunctivitis, the initial clinical indication under development, is the number one cause of eye infections globally, affecting more than 2% of the world’s population. The infection causes significant patient morbidity and leads to millions of visits to emergency departments, urgent care facilities, ophthalmic clinics and paediatric departments every year.

“There are no approved therapies for viral conjunctivitis, and patients frequently receive antibiotics despite their lack of efficacy in treating viral infections and potential to cause antibiotic resistance,” said Okogen CEO Brian M Strem. “Safe and effective treatment options are needed to address this highly contagious and common infection, and we believe that OKG-0301 has substantial clinical and commercial potential in this indication.”

The MRCF investment will see Okogen undertake further clinical research, with Phase II trials set to take place at hospitals across NSW and throughout Australia. Professor Stephanie Watson of the Sydney Eye Hospital and Save Sight Institute, University of Sydney — an ophthalmic surgeon specialising in cataract, corneal and laser surgery — will serve as principal investigator.

“Australia has some of the world’s most talented clinicians and researchers,” said Okogen Board Director and MRCF Investment Manager Chris Smith. “When paired with the federal government’s R&D tax incentive, access to patients for clinical trials and the ability to undertake clinical trials quickly, it makes the country very attractive for Okogen and other international life science companies.”

The NSW Department of Health has been integral in bringing the Okogen clinical trials to the state of NSW, according to the MRCF. Clinical trials are due to begin midway through 2018.

“This investment enables Okogen to drive OKG-0301 through clinic studies and provide evidence as to its efficacy in the treatment of ophthalmic viral infections,” said Strem. “We are thrilled with the opportunity to work with the depth of resources and talent at Brandon Capital to enhance Okogen’s ability to successfully drive the development of OKG-0301.”

In addition to the funding, Okogen also announced the appointment of Quinton Oswald to its board of directors. Oswald currently serves as president and CEO of Notal Vision, a commercial-stage ophthalmic company focused on age-related macular degeneration. He was previously president and CEO at Neurotech Pharmaceuticals and SARcode Bioscience.

“Quinton’s history of leadership and accomplishment in the ocular space is unparalleled, and we are excited to benefit from the knowledge and experience he brings to Okogen,” said Strem.

The news follows last week’s announcement that the MCRF is investing $7 million in Cincera Therapeutics, a privately held biotech company seeking to develop therapies targeting conditions relating to an unhealthy diet.

Image credit: ©stock.adobe.com/au/Jürgen Fälchle