Australian regenerative medicine company Cambium Bio raised A$3 million in capital to advance its treatment for dry eye disease.
Investors included AventaCell Biomedical Corp as well as existing major shareholder Zheng Yang Biomedical Technology, according to a statement from the company.
Cambium Bio develops biologic therapies with a focus on ophthalmology, knee osteoarthritis and wound healing. Elate Ocular is the company’s dry eye treatment, and the recent influx of capital will help move the therapeutic into Phase 3 clinical trials, which are expected to begin next year.
“We are delighted with the strong support received in this capital raising, particularly from AventaCell Biomedical Corp as a new strategic investor. AventaCell’s global leadership in cell culture supplements using our human platelet technology makes them an ideal partner as we advance our therapeutic programs. The participation of our existing major shareholder ZYBT, along with directors and management, demonstrates continued confidence in our strategy and clinical and commercial potential of Elate Ocular,” Cambium Bio CEO Karolis Rosickas said in a statement.
