Allegro Opthalmics Raises $20M From Hanmi Pharmaceutical

San Juan Capistrano-based Allegro Opthalmics, a developer of treatments for eye diseases such as wet age-related macular degeneration (wet AMD), reported this morning that it has raised $20M in a strategic investment from Hanmi Pharmaceutical. The investment came as part of a licensing agreement between Allegro and South Korea's Hanmi, covering Allegro's Luminate (ALG-1001) compound, which is aimed at treating vitreo-retinal conditions. Allegro said its product is an intraocular injection for vitreoretinal diseases, including diabetic macular edema (DME), wet age-related macular degeneration (wet AMD), and vitreomacular traction (VMT). Hanmi gains the rights to Luminate in The Republic of Korea and China, and will also pay Allegro upfront license fees, sales milestone payments, and running royalties as a percentage of net sales. More information »