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Angiogenesis and mRNA splicing-related diseases constitute a large and growing market opportunity

With changing population demographics, the incidence of both diabetes and age related macular oedema is increasing and new improved therapies are required to treat the neovascular changes at the back of the eye.

Current therapies for both conditions requires intraocular injection of large molecules, so the market for Exonate’s small molecules as topical eye drop administration is compelling.

The global cost of visual impairment due to age-related macular degeneration - Exonate’s first therapeutic target area of ophthalmology – is $343 billion, including $255 billion in direct health care costs and is the most invested in area of ophthalmology by venture capitalists.

Treatment costs for non-DMO diabetic patients was US$ 6,801 in 2011, compared to US$ 14,678 for patients with DMO, a difference of almost $8000 per year per patient. This translates to an expected global DMO market of around $4 billion by 2025.


  • April 2014 - Seed investment £400K
  • Oct 2015 – 2nd stage £800K
  • Nov 2016 – 3rd stage £1.5M
  • Feb 2017 - Wellcome Trust SDDI £4.9M
  • Jan 2020 - Janssen collaboration

Board members

  • Sunil Shah - Chairman
  • Professor David Bates - CSO
  • Dr Catherine Beech OBE - CEO
  • Professor Steven Harper - Medical Director
  • Dr Chris Torrance – CEO Phoremost Ltd
  • Dr John Kurek – Uniseed
  • Dr Andrew Naylor – University of Nottingham
  • Dr Sam Fazeli - Sam Fazeli Senior Analyst and EMEA head of Bloomberg Intelligence


  • Professor Lloyd Paul Aiello
  • Professor Peter Campochiaro
  • Professor Usha Chakravarthy
  • Professor Robyn Guymer