Date: Aug 09, 2016 Author: Chuck Soder Source: Crains Cleveland (
click here to go to the source)
Investors have injected $3.7 million into a startup company developing treatments for blindness and other diseases caused by progressive cell death.
OptiKira LLC, a spinoff of Shaker Heights-based BioMotiv, will use the money to continue developing drugs that could be used to treat degenerative eye diseases, according to BioMotiv CEO Baiju Shah.
OptiKira, which is based at BioMotiv's office, eventually aims to develop drugs for other diseases, such as diabetes and ALS (amyotrophic lateral sclerosis).
The money came from six investors, according to a document OptiKira recently filed with the U.S. Securities and Exchange Commission.
Among those investors is Arix Bioscience of London.
That investment firm will have a seat on OptiKira's board and provide ongoing support to the company, according to a news release Arix Bioscience issued in June.
Arix Bioscience has formed a broader strategic partnership with BioMotiv and holds a seat on that company's advisory board, the release stated.
OptiKira was founded in 2015 based on discoveries made by researchers at the University of California, San Francisco, and the University of Washington. They worked to define the biological mechanism that causes progressive cell death.
OptiKira has two employees and "leverages the BioMotiv infrastructure," Shah wrote in an email to Crain's. He also noted that the company's scientific founders "continue to participate in supporting the company's development."
Related Links
Biotech startup OptiKira receives federal grants for work on cell death prevention
UH's Harrington Project is gaining traction
BioMotiv spins off new company that aims to thwart cell deaths
Morning Roundup
Business headlines from Crain's Cleveland Business and other Ohio newspapers -- delivered FREE to your inbox every morning. Sign up for the Morning Newsletter.
