French startup SparingVision raises $52.6 million
SparingVision, a genomic medicine company focused on ocular diseases, has raised $52.6 million in its first funding round. The round was led by 4BIO Capital, UPMC Enterprises, Jeito Capital, and Ysios Capital with participation from the existing investors Bpifrance and Foundation Fighting Blindness.
Founded in 2016 by Prof. José Alain Sahel and Thierry Léveillard, SparingVision is a biotechnology company focused on the discovery and development of innovative therapies for the treatment of blinding inherited retinal diseases. The company is aimed to bring innovative treatments to physicians and patients to address serious ocular disorders. SparingVision is developing SPVN06, a gene-independent treatment for retinitis pigmentosa, the most common inherited retinal degeneration.
The raised fund will be used to advance the development of its treatment SPVN06. Also, the funding will support the conduct of a first-in-man study, scheduled to start in 2021. The company also intends to further expand its management team and commence operations in the US.
Stéphane Boissel, SparingVision’s President and Chief Executive Officer, said:
“We are delighted to have closed this financing round, which demonstrates the excitement around SparingVision’s lead compound, SPVN06. With its singular mutation-agnostic approach, SPVN06 could have a much broader commercial potential than most gene therapy products for RP currently in development and will be used as an anchor to build an economically-viable portfolio of therapies in the field of ophthalmology. Our shareholders, both new and existing, are all long-term, strategic and patient-centric investors that share our vision and we are excited to be working with them to achieve our goals.”