Allegro Ophthalmics LLC in San Juan Capistrano raised $10.7 million in equity financing. Terms were not disclosed. Proceeds will be used to support a phase three diabetic macular edema study.
The biotechnology company’s lead drug candidate Luminate is an integrin peptide therapy that targets vitreoretinal diseases. It is currently in phase two clinical trials for multiple indications, including vitreomacular traction.
Allegro plans to focus first on diabetic macular edema because that disease has a much larger patient population. Phase three trials will likely commence in the first quarter of next year, a company spokesperson said.
