In August 2023, the company closed on a $15 million Series C Preferred Stock financing round, primarily to support the advancement of its lead compound ONL1204 Ophthalmic Solution into a Phase 2 clinical trial in patients with macula-off rhegmatogenous retinal detachment (RRD). The financing was led by Bios Partners and included new investors Visionary Ventures, Alpine Visionary Ventures and Mayewell Capital, as well as existing investors Johnson & Johnson Innovation – JJDC, Inc., Kaitai Capital, PSQ Capital, Michigan Capital Network Venture Fund III, ExSight Ventures, the University of Michigan’s Michigan Investment in New Technology Startups (MINTS) program, Western Michigan University’s Biosciences Research & Commercialization Center, and the Capital Community Angels.
In December 2020, the company closed a $46.8 million Series B round, with Bios Partners leading, joined by fellow new investors Johnson & Johnson Innovation – JJDC, Inc., Kaitai Capital, InFocus Capital Partners and Michigan Capital Network Venture Fund III. Proceeds from the Series B financing enabled ONL to complete a Phase I clinical study of ONL1204 in retinal detachment and advance ONL1204 in two chronic indications, glaucoma and geographic atrophy associated with dry age-related macular degeneration.
In prior financing, the company completed a $4.25 million Series A financing round that involved both existing and new investors including Novartis, the University of Michigan’s Michigan Investment in New Technology Startups (MINTS) program, Capital Community Angels, Invest Michigan, Biosciences Research & Commercialization Center and Hestia Investments.