Altacor closes £1M second round

Funding

Ophthalmology specialist Altacor Ltd of Cambridge, has announced the closing of a £1 million first tranche of its second-round funding. The round was led by two new institutional investors, Esperante and the Aspire Fund, while existing investors Beringea’s Proven VCT and angel investors followed on.

The money will be used to further the development of Altacor’s pipeline of ocular anti-infective and glaucoma products as well as support sales of its Clinitas range of products for dry eye in UK and Ireland. The lead development product, ALT 020 for treating ocular infections, is expected to be active against bacteria, viruses, fungi and, critically for an ophthalmic product, acanthamoeba.

“Despite the very limited and challenging fundraising environment during the last six to nine months, the new investors in Altacor have recognised the value and comparative resilience of a revenue-generating business which also has a strong pipeline,” said Fran Crawford, Altacor’s co-founder and CEO.

Altacor intends to broaden its international reach through in-licensing, out-licensing and development partnerships, and is currently collaborating with a US drug delivery company to develop products for glaucoma.