Biotech startup Perceive Bio closes $78M in Series B funding led by Johnson & Johnson to prevent the largest causes of irreversible blindness

TL;DR

• Perceive Biotherapeutics, a Silicon Valley biotech tech startup focused on technologies and therapeutics in ophthalmology, has raised $78M in Series B funding led by Johnson & Johnson Innovation.
• Using decades of academic research, Perceive Biotherapeutics uses novel therapeutics to prevent the largest causes of irreversible blindness.
• Perceive Bio will use the new capital infusion to accelerate its progress as it drives the lead AMD program into the clinic and continues development progress across the extensive ophthalmology pipeline.
• Perceive Bio is developing novel ophthalmic therapeutics to treat major unmet needs for patients.

Perceive Biotherapeutics, a San Francisco-based biotech startup that is focused on using novel technologies and therapeutics to treat retinal degeneration, announced Thursday it has closed a $78 million Series B funding round even though the company says it is still in stealth mode.

The round was led by Johnson & Johnson Innovation, with participation from existing Series A investor Deerfield Management and new investors including Braidwell LP, the Retinal Degeneration Fund, and Catalio Capital Management, LP.

Founded in 2020 by CEO Angela Macfarlane and president Anne Rubin, Perceive Bio says it says it’s working on “gene therapies and other therapeutics” for eye diseases. The startup also has a list of high-profile scientific advisors including Johns Hopkins professor Don Zack, who studies eye disease genetics and stem cells.

By leveraging deep genetic understandings, Perceive Bio researchers have elucidated key protective biological targets. These targets uniquely position the Company to accelerate the development of best-in-class therapies for programs that address over 50% of currently untreatable retinal blindness. Perceive Bio is advancing therapeutic programs in geographic atrophy / age-related macular degeneration, glaucoma, and additional undisclosed disease areas.

Focus on Degeneration

“We are pleased to have the strong support of this syndicate to build on the company’s success to date and provide the resources for Perceive Bio to meaningfully advance its pipeline to key inflection points,” said Cameron Wheeler, Partner, Deerfield Management. “Perceive Bio has a unique understanding of the key targets that protect retinal cells. This understanding supports a deep pipeline of differentiated assets with the potential to prevent blindness in millions of patients for whom effective therapies are not yet available.”

Perceive Bio is a resident of JLABS @ San Diego, part of Johnson & Johnson Innovation, a global life science incubator network, providing startups with access to capital-efficient lab space, equipment, and resources, including expertise, community, and entrepreneurial programs.

“Each member of our team has contributed deeply to advancing the science of retinal blindness and has contributed to bringing forward the programs into development and clinical trials.  This fundraising not only provides capital but allows us to welcome additional expertise to Perceive Bio, joining our original partner Deerfield who supported the critical early stages of our development,” said K. Angela Macfarlane, CEO of Perceive Biotherapeutics.