Eyestem, a Bengaluru-based cell therapy company, said it has raised Rs 51 crore in a Series A round led by three pharma majors Biological E (BE), Alkem, Natco and Anurag and Karan Bagaria, promoters of Kemwell Biopharma.

Existing investors Endiya Partners and Kotak Private Equity also participated in this round, valuing Eyestem at $46.4 million (INR 371 Crore) post-money.

Founded in 2016 by an experienced team of clinical research, regenerative medicine and ophthalmology experts, Eyestem developed an experimental treatment for dry AMD called

Eyecyte-RPE, replaces damaged retinal pigment epithelium cells and is designed to restore sight for patients in the early stages of dry AMD or arrest loss of vision for those in later stages. The product is allogenic (outside cells), administered by a surgical procedure and is patented in India and abroad.

"Post this funding, we will remain focussed on solidifying our cell therapy platform and moving our flagship product for Dry AMD through early clinical trials of an international standard,” said Dr Jogin Desai, founder, Eyestem.

The investment will enable Eyestem to progress a treatment for dry age-related macular degeneration (AMD) to the clinic. It also plans to file for a first in human trial for the product within a year in consultation with CDSCO and US FDA.