San Juan Capistrano-based Allegro Opthalmics LLC said today that it raised $20 million from Hanmi Pharmaceutical in South Korea.
Allegro is developing drugs to treat diabetic macular edema and wet age-related macular degeneration, both major causes of blindness.
Allegro said in a release that the investment came as part of a licensing agreement with Hanmi covering Allegro’s ALG-1001 Luminate compound.
Hanmi is gaining the rights to Luminate in the Republic of Korea and China, and also is set to pay Allegro upfront license fees, sales milestone payments and running royalties as a result of net sales.
