Kodiak Sciences Files for IPO to Fund Global AMD Eye-Drug Studies
Summary
Kodiak Sciences believes it can do better with an experimental drug that may require less frequent injections and the company has filed for an IPO to finance a slate of global clinical studies.Age-related macular degeneration (AMD) is a chronic eye disease that leads to blurry eyesight or a blind spot in the field of vision.Two drugs are FDA-approved to treat wet AMD: ranibizumab (Lucentis) from Roche’s Genentech division, and aflibercept (Eylea) from Tarrytown, NY-based Regeneron Pharmaceuticals (NASDAQ: REGN ).Kodiak says in its prospectus a Phase 2 clinical trial testing its drug is expected to start early next year in approximately 400 patients who have wet age-related macular degeneration.In April, the company raised $33 million by selling convertible notes to Perceptive Advisors, ArrowMark Partners, and earlier investors.
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