Biotech Startup Eyestem Raises $6.4 Mn to Develop Cell Therapy Products

The round was conducted by Biological E. Ltd, Alkem, NATCO, Anurag Bagaria and Karan Bagaria from Kemwell Biopharma

Eyestem will utilize the funds to strengthen their cell therapy technology as well as conduct initial clinical trials of its product that is patent-pending

The Eyecyte-RPE product, which is patented, is an experiment in treating dry macular degeneration that is caused by age. The company is also developing an array of related products that treat incurable diseases

Bengaluru-based biotech start-up Eyestem has raised $6.4 million (INR 51 crore) during its series A round of funding at a post-money price at $46.4 million (INR 371 crores).

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The round was directed by Biological E. Ltd, Alkem, NATCO, Anurag Bagaria and Karan Bagaria from Kemwell Biopharma. Existing investors – Endiya Partners and Kotak Private Equity also participated in the financing round.

Eyestem will utilize the capital to strengthen their cell therapy technology as well as conduct clinical trials that are early in the development of its patent-pending product.

Endiya Partners is thrilled to be part of the current round of funding. The addition of some of the most prominent biotech and pharmaceutical investors to our table of capital is an excellent affirmation of the world-class science that Eyestem is working on that could transform the lives of millions across the globe, said Dr. Ramesh Byrapaneni, managing partner of Endiya Partners.

In 2016, Eyestem was founded in 2016 by Dr. Jogin Desai, Dr. Rajani Battu, Dr. Rajarshi Pal and Dr. Dhruv Sareen, Eyestem seeks to develop a platform for cell therapy to cure incurable illnesses and increase access to the latest technologies across the globe.

Eyestem has a patent-pending product called Eyecyte RPE. It offers an experiment in treating dry macular degeneration caused by age. The company is also looking to launch a line of related products to treat incurable illnesses.

We began Eyestem in the hopes of achieving the goal of being able to develop high-quality cell therapy products for diseases that affect many people throughout India and around the world. The backing of the major Indian pharmaceutical companies who support our goals is a testament to our plan of creating affordable innovations for patients around the world. Dr. Jogin Desai, the founder and chief executive officer of Eyestem declared,

Additionally, Eyestem said it has established associations for the advancement of science across India and the UK and the US and has also received grant funding through the Department of Biotechnology.

In the year 2019, it is reported that the company received an unspecified amount of capital by Swiss as well as South African investors.

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It faces competition from biotech startups, such as MedicoExperts, NeuroCyte, and ReeLabs as well as other.

According to an report that India’s cell market that was estimated at $0.47 Billion in the year 2019 will expand at a CAGR of 13% from the period 2021-2026. 2026.

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