Aviceda Therapeutics has successfully closed a $207.5 million Series C financing round, co-led by Omega Funds and TCGX, to propel its AVD-104 program for geographic atrophy (GA) into pivotal clinical trials. The funding will support the ongoing Phase 2b/3 study and the planned Phase 3 trial, marking a significant step forward in addressing this vision-threatening condition secondary to age-related macular degeneration (AMD).
AVD-104: A Novel Approach to GA Treatment
AVD-104 is a clinical-stage ophthalmic candidate that utilizes a proprietary High Affinity Ligands of Siglecs (HALOS™) nanotechnology platform. Its dual mechanism of action targets both immune modulation and complement inhibition. By repolarizing overactivated macrophages to their healing state and stabilizing complement factor H, AVD-104 aims to slow GA lesion growth and preserve visual function.
Data from a Phase 2a trial completed in early 2024 demonstrated positive proof-of-concept efficacy, suggesting AVD-104's potential as a first-in-class treatment. The ongoing Phase 2b/3 trial is evaluating two doses of AVD-104 against avacincaptad pegol (Izervay) in patients with GA. Twelve-month primary endpoint data from this trial is anticipated in the second half of 2025.
Investment and Board Expansion
The Series C round saw participation from several leading investment firms, including Enavate Sciences, Jeito Capital, Blue Owl Healthcare Opportunities, Longitude Capital, OrbiMed, Logos Capital, Marshall Wace, Catalio Capital Management, funds managed by abrdn Inc., and Digitalis Ventures. In connection with the financing, Bernard Davitian of Omega Funds and Chen Yu, M.D., M.B.A., of TCGX have joined Aviceda’s Board of Directors.
The Unmet Need in Geographic Atrophy
Geographic atrophy is an advanced form of age-related macular degeneration that leads to progressive and irreversible vision loss. Until recently, there were limited treatment options available. The approval of complement C3 inhibitor Syfovre (pegcetacoplan) in 2023 and C5 inhibitor Izervay (avacincaptad pegol) marked significant advancements, but there remains a need for therapies that offer improved visual outcomes and safety profiles.
Aviceda believes that AVD-104 has the potential to address this unmet need. The ongoing Phase 2b/3 trial directly compares AVD-104, administered either monthly or bimonthly via intravitreal injection, with monthly Izervay dosing. This comparative study aims to demonstrate AVD-104's superiority in slowing GA lesion growth and preserving visual function.
Management Perspective
"This raise reflects the strong conviction from investors in Aviceda's lead program AVD-104 for geographic atrophy – a market poised for disruption and an improved standard of care, given current treatments offer limited benefits in visual improvements, lesion control, and safety," commented David Guyer, Board Chair of Aviceda.
