Aviceda Therapeutics Secures $207.5M in Series C Funding to Progress AVD-104 for Geographic Atrophy into Pivotal Trials

Aviceda Therapeutics, a private biotech firm based in Cambridge, Massachusetts, has successfully closed a $207.5 million Series C funding round. The company focuses on developing advanced immunomodulators using its proprietary High Affinity Ligands of Siglecs (HALOS™) nanotechnology platform. This funding will primarily support the ongoing Phase 2b/3 and the anticipated Phase 3 clinical trials for AVD-104, a treatment aimed at geographic atrophy (GA) related to advanced age-related macular degeneration. Additionally, the funds will help expand Aviceda's research into other eye-related conditions.

The Series C financing was led by prominent healthcare investment groups Omega Funds and TCGX, with participation from a host of notable investment firms, including Enavate Sciences, Jeito Capital, Blue Owl Healthcare Opportunities, Longitude Capital, OrbiMed, and others.

Bernard Davitian, a Partner at Omega Funds, expressed support for Aviceda's team of retinal experts, highlighting their significant ophthalmic knowledge and operational skills. AVD-104 operates through a dual mechanism: it modulates immune responses and inhibits complement activity. By redirecting overactive macrophages to a reparative state and stabilizing complement factor H, AVD-104 has shown promising results in reducing the progression of GA lesions and improving visual function. These encouraging findings were observed in a Phase 2a trial completed in early 2024. The ongoing Phase 2b/3 trial, which is fully enrolled, compares two doses of AVD-104 to avacincaptad pegol (Izervay) and is expected to yield 12-month primary endpoint data in the latter half of 2025.

Chen Yu, M.D., M.B.A., Founder and Managing Partner at TCGX, emphasized Aviceda’s commitment to high-quality data and precise execution, suggesting that the company is poised to significantly impact the field of geographic atrophy as it progresses into its pivotal studies.

In addition to the financing, Aviceda's Board of Directors has welcomed new members. Bernard Davitian from Omega Funds and Chen Yu, M.D., M.B.A., from TCGX have joined the board, while Evelyn Harrison, M.B.A., former Chief Operating Officer of Iveric Bio, has been appointed as an independent director. Sara Nayeem, M.D. from Enavate Sciences and Rafaèle Tordjman, M.D. Ph.D. from Jeito Capital have joined as Board Observers. David Guyer, M.D., the Board Chair of Aviceda, expressed enthusiasm about the influx of new board members and top-tier institutional investors. He noted that the substantial financing reflects strong investor confidence in Aviceda's lead program, AVD-104, in the GA market, which is ripe for innovation and a higher standard of care, given current treatments offer limited visual improvements and control over lesion progression.

For legal matters, Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. serves as Aviceda's counsel, with Cooley LLP advising Omega Funds and Foley & Lardner LLP advising TCGX. Leerink Partners acted as the financial advisor for Aviceda.

Aviceda Therapeutics is a clinical-stage biotech company that leverages its HALOS™ platform for treating geographic atrophy linked to age-related macular degeneration. Its leading candidate, AVD-104, is an intravitreal nanoparticle aimed at modulating inflammation and inhibiting complement pathways. Besides ophthalmology, Aviceda is advancing a broad pipeline that spans immunology, fibrosis, oncology, and neurology.