SparingVision, a Paris-based startup company with Pittsburgh ties and gene therapy treatments for eye problems, has raised about $50 million in its most recent financing round.
To date, the 2-year-old pre-clinical company has raised $70 million and the proceeds from the most recent funding round will be used to advance development of SparingVision’s gene therapy treatment for retinitis pigmentosa, one of the most common inherited retinal diseases that cause eventual blindness.
SparingVision, which employs 12 people, is a company that’s using 20 years of eye research by Jose-Alain Sahel, chair of the Department of Ophthalmology at the University of Pittsburgh School of Medicine. Dr. Sahel, co-founder of SparingVision with Thierry Leveillard, was recruited to Pitt in 2016.
There is no cure for retinitis pigmentosa and SparingVision’s treatment, dubbed SPVNo6, is designed to slow or stop progression of the disease, said Stephane Boissel, president and CEO.
“With its mutation agnostic approach, SPVo6 could have a much broader commercial potential than most gene therapy products currently in development and will be used as an anchor to build an economically visible portfolio of therapies in the field of ophthalmology,” said Mr. Boissel, who was newly appointed CEO.
4BIO Capital of London and Pittsburgh-based UPMC Enterprises led the funding round, which was also supported by Paris-based Jeito Capital and Ysios Capital of Barcelona, Spain. Current investors Bpifrance and Foundation Fighting Blindness also participated.
The first clinical trials for the therapy are expected in 2021, with commercialization within seven to eight years, Mr. Boissel said.
In addition to retinitis pigmentosa, the therapy may be useful in treating dry age-related macular degeneration, which causes vision loss, affects about 170 million people worldwide and has no approved treatment.
The loss of photoreceptors leads to blindness in retinitis pigmentosa, which affects 2 million people worldwide.
SparingVision received orphan drug designation from the European Commission in June for its first therapy. The company is pursuing similar status in the U.S., which would allow for speedier review by regulatory agencies than the process used for non-orphan drugs.
Kris B. Mamula:kmamula@post-gazette.com or 412-263-1699
First Published: October 21, 2020, 11:13 a.m.
