RhyGaze AG, a Spinout from the Institute of Molecular and Clinical Ophthalmology Basel (IOB), to Advance Groundbreaking Gene Therapy for Treating Blindness (www.rhygaze.com)
RhyGaze AG, a spinout from IOB, is developing a novel gene therapy that targets cone cells to restore vision in patients suffering from diseases causing blindness
BGV and Novartis Venture Fund co-led the CHF 10 million seed round
Representatives of IOB, BGV and Novartis Venture Fund have joined the RhyGaze Board of Directors
RhyGaze, an innovative spinout from the Basel based IOB, is proud to announce that it has successfully raised a CHF 10 million seed round. The round was co-led by Dutch venture capital firm BioGeneration Ventures (BGV) and the Novartis Venture Fund (NVF). RhyGaze AG is pioneering a transformative approach with cone optogenetics, which has the potential to revolutionize vision restoration for patients suffering from blindness.
Cones are the retinal cells responsible for high acuity vision and can lose their sensitivity to light in a range of diseases. RhyGaze’s gene therapy solution delivers a new light-sensor gene specifically to cone cells that have lost light sensitivity, repairing their ability to detect light.
The seed funding will be utilized to transition the gene therapy to a third-party manufacturing organization and to conduct the necessary studies to initiate human clinical trials. RhyGaze, whose name pays homage to the Basel-German word for the river Rhein (or “Rhy”), is proud to contribute to the Basel Area biotech ecosystem.
IOB co-Director Charles Gubser said: “IOB is delighted that this technology, many years in the making, will have the potential to reach blind patients, and, we hope, restore their vision. IOB is confident that RhyGaze, with the strong support of its experienced investors, and operating in the Basel ecosystem, will have the best possible chance of success.”
Daniela Couto, BGV General Partner and RhyGaze board member, said: “At BGV, we have been closely monitoring novel optogenetic approaches and evaluating numerous investment opportunities in this space. Our interest in RhyGaze is driven by its innovative mechanism of action, specifically targeting cone cells, and its potential to treat blind patients across various genetic backgrounds.”
Florian Muellershausen, Managing Director at NVF and RhyGaze board member, said: “At NVF, we are looking for new innovative ideas with transformative therapeutic potential; the concept pursued by RhyGaze clearly ticks this box. The bold objective is to restore vision in patients suffering from blindness.”
About RhyGaze AG
RhyGaze AG is a cutting-edge biotechnology company based in Basel, Switzerland, focused on developing gene therapies for retinal diseases causing blindness. Founded on pioneering research from the Institute of Molecular and Clinical Ophthalmology Basel, RhyGaze aims to restore vision and transform the lives of patients worldwide.
About BGV
BioGeneration Ventures (BGV) is a venture capital company, with a focus on early-stage European biotech companies. With a strong track record of significant financial returns through its investments in healthcare innovations and providing the expertise to build world-class companies, BGV manages over 450 million euro across 6 funds, and invests in areas where true scientific innovations, unmet medical needs, and the potential to demonstrate a significant proof of concept all converge. BGV strives to work with founding teams to progress science and build successful companies and uses its experience to guide progress into clinical trials, leading to successful drug development and value realization for its investors. BGV applies its expertise in a rigorous process to select the most compelling opportunities with the best prospects for exit. The Company is based in Naarden, The Netherlands. BGV operates a joint venture partnership with Forbion, a leading European life sciences venture capital fund which currently manages €3.2 bn across 9 funds.
For more information, please visit: https://biogenerationventures.com.
About IOB
At the Institute of Molecular and Clinical Ophthalmology Basel (IOB), basic researchers and clinicians work hand in hand to advance the understanding of vision and its diseases, and to develop new therapies for vision loss. IOB started its operations in 2018. The institute is constituted as a foundation, granting academic freedom to its scientists. Founding partners are the University Hospital Basel, the University of Basel and Novartis. The Canton of Basel-Stadt has granted the institute substantial financial support.
About NVF
Novartis Venture Fund is a financially driven corporate life science venture fund whose purpose is to foster innovation, drive significant patient benefit and generate superior returns by creating and investing in innovative life science companies at various stages of their development. For more information, go to https://www.nvfund.com/.
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