PALO ALTO, Calif., April 26, 2018 /PRNewswire/ -- Kodiak Sciences Inc., a development-stage biopharmaceutical company specializing in novel therapeutics to treat high prevalence ophthalmic diseases, today announced the completion of a $33 million mezzanine private financing of convertible notes. Perceptive Advisors and ArrowMark Partners joined existing investors in the financing. Additional terms were not disclosed.
Kodiak intends to use the proceeds from the financing to advance the development of its lead product candidate, KSI-301, an anti-VEGF therapy for wet age-related macular degeneration and diabetic retinopathy.
"The financing announced today allows us to build on the progress we are making to advance our lead product candidate, KSI-301, into the clinic," said Victor Perlroth, M.D., Kodiak's Chief Executive Officer. "The funding will also support development of additional pipeline programs beyond KSI-301 to address other high prevalence ophthalmic diseases."
About KSI-301 Kodiak's lead product candidate, KSI-301, is a novel pre-IND stage anti-VEGF biologic therapy that is designed to combine inhibition of a known pathway with a potentially superior ocular durability profile compared to drugs currently marketed for wet AMD and DR. KSI-301 is built with Kodiak's Antibody Biopolymer Conjugate, or ABC, platform, which is designed to maintain potent and effective drug levels in ocular tissues. By addressing the primary causes of undertreatment, KSI-301 has the potential to improve and sustain visual acuity outcomes in patients with neovascular conditions of the retina such as wet AMD and DR.
About Kodiak Sciences Kodiak Sciences Inc. is a development-stage biopharmaceutical company specializing in novel therapeutics to treat high prevalence ophthalmic diseases. Our mission is to become a global leader in the discovery and development of best-in-class medicines for the treatment of ophthalmic diseases. We believe our Antibody Biopolymer Conjugate, or ABC, platform has the potential to fuel a pipeline of novel product candidates in high prevalence ophthalmic diseases. In addition to its lead product candidate, KSI-301, Kodiak has leveraged its ABC platform to build a pipeline of product candidates in various stages of preclinical development including KSI-501, a dual inhibitor antibody biopolymer conjugate for the treatment of diabetic retinopathy. Kodiak is based in Palo Alto, CA.