On December 22, 2020, ONL Therapeutics, Inc., a biopharmaceutical company developing novel therapies for protecting the vision of patients with retinal disease, announced it closed on $46.9 million in a Series B preferred stock financing. The financing included new investors Bios Partners (which led the round) Johnson & Johnson Innovation–JJDC, Inc., Kaitai Capital, PSQ Capital, and Michigan Capital Network Venture Fund III, as well as existing investors ONL Therapeutics management, InFocus Capital Partners, ExSight Ventures, the University of Michigan’s Michigan Investment in New Technology Startups program, Western Michigan University’s Biosciences Research & Commercialization Center, and the Capital Community Angels. Wilson Sonsini Goodrich & Rosati represented ONL Therapeutics in the transaction.

The funding supports the completion of a Phase 1 study on retinal detachment with ONL’s lead compound ONL1204, and will advance ONL1204 in two chronic indications, glaucoma and dry age-related macular degeneration.

The Wilson Sonsini team that represented ONL Therapeutics in the transaction includes Lou Lieto, Greg Mitchell, and Brett Zirkle.

For more information, please see ONL Therapeutics’ press release.