Character Biosciences Secures $93M for AMD Drug Development, Signaling Shift in Ophthalmology Landscape

Character Biosciences, a New Jersey-based biotech company, has successfully raised $93 million in a Series B funding round to advance its precision medicine candidates for age-related macular degeneration (AMD) through clinical development. The funding, led by new investors aMoon and Luma Group, along with Bausch + Lomb, Jefferson Life Sciences, and existing investors, marks a significant step forward in the company's mission to address unmet needs in degenerative eye diseases.

Precision Medicine Approach to AMD

Character Biosciences is leveraging a unique precision medicine approach to tackle AMD, a complex disease that remains the leading cause of severe vision loss in patients over 50. The company's strategy involves an observational AMD study conducted in collaboration with more than 150 ophthalmology treatment centers across the United States. This study, which reached a milestone of 5,000 enrolled patients in December 2024, combines genetics, imaging, and patient outcomes to identify subtypes of AMD and design targeted therapeutics.

Cheng Zhang, Character's co-founder and CEO, emphasized the importance of this approach, stating, "By identifying the genetic modifiers of disease progression, we can develop therapeutics to more precisely target the root causes of disease and improve clinical translation."

Lead Candidates and Clinical Timeline

The Series B funding will primarily support the advancement of Character's two lead AMD assets:

1. CTX203: Designed as a first-in-class lipid regulator aimed at preventing AMD progression to advanced stages.
2. CTX114: Positioned as a potential best-in-class complement inhibitor to slow the progression of geographic atrophy in advanced dry AMD.

Both candidates are slated to enter clinical trials in 2026, with the funding allocated for Phase 1 and Phase 2 studies. Additionally, Character plans to expand its pipeline to address other eye diseases, though specific details remain undisclosed.

Changing Landscape in Ophthalmology

Character Biosciences' funding success comes at a pivotal time in the ophthalmology market. Regeneron's blockbuster drug Eylea (aflibercept), a dominant force in treating various eye diseases including wet AMD, is set to lose exclusivity in the U.S. this year. In 2024, Eylea and its high-dose version, Eylea HD, generated $5.97 billion in revenue for Regeneron.

This impending patent cliff has intensified competition in the ophthalmology space, with companies like Character Biosciences positioning themselves to capture market share with novel approaches. The company's partnership with Bausch + Lomb, announced in January 2024, further underscores the strategic importance of its AMD pipeline.

As the ophthalmology market continues to evolve, Character Biosciences' precision medicine approach and substantial funding could potentially reshape the treatment landscape for millions of patients suffering from degenerative eye diseases.