Genable raises €14m for blindness treatment
Irish company Genable is raising €14m to test a breakthrough treatment for blindness.
Genable Technologies is raising €14m mainly from private investors to fund a clinical study into its flagship gene-based treatment, RhoNovaTM.
The treatment is designed for people with a form of inherited blindness called retinitis pigmentosa, in which a genetic mutation leads to damage of the retina and a gradual loss of sight. An affected person is likely to pass on the disorder to around 50pc of their children. An estimated 30,000 patients have the condition worldwide.
The company expects to raise most of the money from venture capital firms but has also submitted a €6m grant application to EU research fund Horizon 2020. It is conducting the financing itself without the use of any third-party bank or agents.
Its existing investors include many of Ireland's best-known venture capital firms including Fountain Healthcare Parnters, Delta Partners, ACT Venture Capital and Atlantic Bridge.
The company is based in Trinity College's Technology and Enterprise Centre in the Docklands region of Dublin. Its management includes Trinity academics Jane Farrar and Paul Kenna. Its chief executive is Jason Loveridge, a former venture capitalist with California-based Jafco.
Sunday Indo Business