Austin, Texas-based Ollin Biosciences, Inc. has closed an oversubscribed USD 330 million Series B financing round to fund global Phase III development of OLN324 (IBI324), its VEGF/Ang2 bispecific antibody, in diabetic macular edema (DME) and wet age-related macular degeneration (wAMD). The scale of the financing reflects investor confidence in clinical data that positioned OLN324 as the first VEGF/Ang2 bispecific to demonstrate superior anatomic outcomes versus faricimab (Vabysmo) in a head-to-head randomized trial.
The round was co-led by TCGX, a new investor, and ARCH Venture Partners, a founding investor. Additional participants include a16z Bio+Health, Blackstone Multi-Asset Investing, Commodore Capital, Canada Pension Plan Investment Board, RA Capital Management, accounts advised by T. Rowe Price Investment Management, and a leading sovereign wealth fund, alongside co-founding investors Mubadala Capital and Monograph Capital. In connection with the financing, Cariad Chester, Managing Partner of TCGX, has joined Ollin's Board of Directors. The company said proceeds will fund global Phase III trials of OLN324 in DME and wAMD, with studies set to commence in H2 2026, and will also support the advancement of a second pipeline asset, OLN102, into clinical development.
Ollin was established in 2023 and has not disclosed prior financing rounds beyond co-founding investor commitments. The Series B represents the company's first major capital raise and positions it to execute a registrational program in two of the largest indications in the approximately USD 15 billion retina therapeutics market.
The financing follows a sequence of clinical readouts from the JADE study, a 164-patient, randomized, head-to-head Phase Ib trial comparing OLN324 to faricimab in US patients with DME or wAMD. Topline data reported in January 2026 demonstrated that OLN324 4 mg produced retinal drying approximately 75% greater than faricimab at Week 1 in DME patients, and approximately 50% greater at Week 12, measured by central subfield thickness on optical coherence tomography. Nearly 90% of OLN324-treated DME patients achieved absence of DME at Week 12, compared with 57% in the faricimab group.
Final 20-week data released in March 2026 confirmed durability of these effects, with OLN324-treated patients maintaining greater retinal drying and numerically superior vision gains through the off-treatment follow-up period, and with fewer retreatments compared to faricimab. In wAMD, OLN324 demonstrated a mean 2.2-letter advantage over faricimab at Week 20 for the 4 mg dose, alongside approximately 50% greater reductions in pigment epithelial detachment thickness at Week 12. No cases of intraocular inflammation were observed in OLN324-treated patients across the full study duration.
Ollin has completed an End-of-Phase II meeting with the US FDA and received scientific advice from the European Medicines Agency on the Phase III program design.