Foley & Lardner LLP represented AXA IM Alts, a global leader in alternative investments, as the lead investor in the $32 million Series A funding round for CXL Ophthalmics, Inc. (CXLO), a clinical-stage company developing a minimally-invasive treatment for keratoconus. The new investments will support the advancement of CXLO’s transformative cross-linking system, EpiSmart, through Phase 3 trials on the way to a New Drug Application with FDA.
EpiSmart is CXLO’s transformative cross-linking system targeting keratoconus, a common type of corneal ectasia. EpiSmart is designed to be highly effective and minimally invasive with reduced discomfort, plus a decreased recovery time versus the current standard of care. CXLO’s approach will elevate the standard of care for keratoconus by simultaneously enabling the treatment of both eyes and eliminating the need for further deterioration.
Results of CXLO’s recent Phase 2 trial, the largest study to date of corneal cross-linking as a treatment for keratoconus, indicate improvements in visual acuity after EpiSmart treatment at levels similar to currently available treatments, but with a substantial enhancement in safety and comfort compared to the current standard of care.
The Foley team representing AXA IM Alts was led by Partner Julie-Anne Lutfi and included Associates Justin Lauria-Banta and Graham MacEwan.
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