Tenpoint Therapeutics, Ltd., a London- and Seattle-based biotechnology company focused on developing therapies to rejuvenate vision in the aging eye, said it has raised a total of USD 235 million through a Series B preferred stock financing and a senior secured credit facility to support commercialization of its newly FDA-approved presbyopia treatment, Yuvezzi. The financing package comprises USD 85 million in Series B equity and a USD 150 million non-dilutive term loan, the company said, strengthening its balance sheet as it prepares for a commercial launch in early Q2.
The Series B round was led by Janus Henderson Investors, EQT Nexus, Hillhouse Capital and British Business Bank, with participation from existing backers including EQT Life Sciences, Sofinnova Partners, F-Prime, Eight Roads, Qiming Venture Partners USA, AdBio and Wille, Tenpoint said. Hercules Capital provided the senior secured term loan. The company said the capital will be used to accelerate the US introduction of Yuvezzi and support broader efforts in age-related vision loss.
Yuvezzi (carbachol and brimonidine tartrate ophthalmic solution 2.75%/0.1%) is a once-daily, dual-agent eye drop for presbyopia, a common age-related condition affecting near vision. The FDA approved YUVEZZI for adults, marking it as the first dual-agent therapy of its kind, and it is expected to become broadly available in the US in the second quarter of the year, the company said.