Character Biosciences secures $93 million series B financing round

(Image Credit: AdobeStock/Andy Dean)

Character Biosciences announced it has secured a $93 million Series B financing round for the advancement of its pipeline to treat degenerative eye diseases such as age-related macular degeneration (AMD).

Funding was co-led by new investors aMoon and Luma Group, with additional participation from Bausch + Lomb and Jefferson Life Sciences. Existing investors Innovation Endeavors, Catalio Capital Management, S32, and KdT Ventures also contributed.

According to the company, the funding will help fund phase 1 and phase 2 proof-of-concept studies for lead candidates CTX203 and CTX114, as well as the expansion of the company’s pipeline into additional ophthalmic diseases.

CTX203 and CTX114 target key drivers of retinal cell death and vision loss. CTX114 is designed to slow the progression of geographic atrophy in advanced dry AMD, while CTX203 aims to prevent progression to advanced AMD. The company noted that both candidates are expected to enter clinical trials in the next year.

Cheng Zhang, CEO & co-founder of Character Biosciences commented on the funding in a press release from the company.

“Millions of patients suffering from degenerative eye diseases lack effective treatments that delay disease progression,” said Zhang. “By identifying the genetic modifiers of their disease progression, we can develop therapeutics to more precisely target the root causes of disease and improve clinical translation. This funding allows us to advance our lead programs into first-in-human trials, with the goal of bringing new therapies to patients who urgently need them.”

At the beginning of the year, Character Biosciences announced a partnership with Bausch + Lomb that had been initiated in 2024. Under the terms of the agreement, Character Biosciences received an upfront payment and annual research funding of an undisclosed amount. Additionally, the company is eligible for potential development and sales-related milestone payments, as well as tiered royalties on potential future product sales.

References:

1. Character Biosciences raises $93 million series B to advance precision medicine for progressive eye diseases. Published March 25, 2025. Accessed March 25, 2025. https://www.businesswire.com/news/home/20250325445846/en/Character-Biosciences-Raises-%2493-Million-Series-B-to-Advance-Precision-Medicine-for-Progressive-Eye-Diseases

2. Character Biosciences announces collaboration with Bausch + Lomb to transform ophthalmology with precision medicine. Published January 10, 2025. Accessed March 25, 2025. https://www.businesswire.com/news/home/20250110907520/en/Character-Biosciences-Announces-Collaboration-with-Bausch-Lomb-to-Transform-Ophthalmology-with-Precision-Medicine