Character Biosciences secures $93M to advance macular degeneration treatments into clinical trials

Character Biosciences, a biotechnology company based in New Jersey, is stepping into the spotlight in the field of age-related macular degeneration (AMD) with significant advancements aimed at addressing the prevalent condition. The company has successfully secured $93 million in a series B funding round led by new investors aMoon and Luma Group, alongside Bausch + Lomb, Jefferson Life Sciences, and existing investors. This financial boost is designated to propel phase 1 and phase 2 clinical trials for Character Biosciences’ leading AMD candidates, CTX203 and CTX114, as well as expand its research pipeline to encompass other eye diseases.

Millions of individuals impacted by degenerative eye diseases find themselves without effective treatments to halt disease progression. Cheng Zhang, co-founder and CEO of Character Biosciences, emphasized the importance of this funding in a release dated March 25, stating that it empowers the company to advance its primary programs into initial human trials, offering hope for new therapies to patients in dire need. Character Biosciences plans to introduce its leading assets to clinical testing by 2026. Additionally, the company is developing another early-stage program targeting AMD and investigating treatments for primary open-angle glaucoma.

CTX203 and CTX114 were crafted using Character Biosciences’ precision medicine strategy. The ongoing observational AMD study conducted by the company, involving over 150 ophthalmology treatment centers across the United States, combines genetic analysis, imaging, and patient outcomes to identify subtypes of the complicated disease and create tailored therapeutics. This method led to the creation of CTX203, designed as an innovative lipid regulator to prevent AMD from advancing to more severe stages, and CTX114, envisioned to be a leading complement inhibitor that decelerates geographic atrophy in advanced dry AMD.

The study reached a significant milestone with the enrollment of 5,000 patients by December 2024. Zhang expressed that pinpointing the genetic modifiers responsible for disease progression enables the development of therapeutics that precisely target the root causes, thereby enhancing clinical translation. AMD remains the most prevalent cause of severe vision impairment among individuals aged 50 and older. The majority of patients suffer from dry AMD, which results from the gradual deterioration of the macula, a crucial part of the retina. If untreated, dry AMD can progress to wet AMD if blood vessels burst and leak fluid into the macula.

Originating as Clover Therapeutics in 2019, the company underwent a rebranding to Character Biosciences in May 2022, coinciding with an $18 million fundraising effort. In 2024, Character Biosciences formed a partnership with Bausch + Lomb to develop AMD treatments, with prospects for further expansion into other eye diseases, as announced in a release on January 10. The ophthalmology field is witnessing increased competition as Regeneron’s Eylea, a dominant injectable for various eye conditions including wet AMD, is poised to lose exclusivity in the U.S. this year. Eylea, coupled with its enhanced high-dose variant Eylea HD, which retains exclusivity until 2039, generated $5.97 billion in 2024. Recently, Eylea surpassed a rival product from Australian biotech Opthea in a phase 3 wet AMD trial, prompting the latter to reconsider its strategic direction.

Character Biosciences is positioning itself as a key player in the evolving landscape of ophthalmology, driven by its innovative approaches and robust funding to address unmet needs in AMD and other eye diseases.