Derry Township-based MacuLogix Inc. garners $3.6M in venture financing
A local company developing a diagnostic tool for age-related macular degeneration has raised $3.6 million in Series A funding to accelerate its manufacturing and commercial sales.
Apeliotus Vision Science Inc., which is now doing business as MacuLogix Inc., describes AdaptDx as the first practical diagnostic for early detection and tracking of AMD, which is the leading cause of adult vision loss and blindness in developed countries. AdaptDx has received FDA 510(k) clearance for measurement of dark adaptation function but is not currently cleared for sale as a diagnostic. It is being used by a number of pharmaceutical companies in the development of drugs for early AMD.
"Closing our Series A round is a very significant achievement for the company," John G. Edwards, CEO of the Derry Township-based company, said in a news release. "We have completed numerous clinical studies involving more than 1,000 patients with additional studies ongoing, all at major research centers such as Harvard University, the National Eye Institute and University of Alabama at Birmingham. This financing allows us to take the next step."
Investors include Berwind Private Equity, Roche Venture Fund, Life Sciences Greenhouse of Central Pennsylvania and Ben Franklin Technology Partners of Central and Northern Pennsylvania.
Gregory Jackson, chief scientific officer of MacuLogix, has been named the inaugural entrepreneur-in-residence at Penn State College of Medicine, where he is also associate professor of ophthalmology. The entrepreneurial program is supported by a $425,000 grant as part of the Discovered in PA, Developed in PA program from the Pennsylvania Department of Community and Economic Development.
The technology behind MacuLogix was initiated by Jackson while at the University of Alabama Birmingham and further developed at Penn State Hershey. Jackson is working with clinicians, faculty, staff and students to provide guidance on their entrepreneurial endeavors.
This video clip explains AMD and how AdaptDx works.