Perceive Pharma Attracts $15M Series A Financing to Advance Ophthalmic Neuroprotection

Funding to fuel company's progress in driving lead glaucoma program to clinical readiness; industry veteran, Dr. Carol Gallagher, joins Board

SOUTH SAN FRANCISCO, Calif., Feb. 18, 2025 /PRNewswire/ -- Perceive Pharma, a pharmaceutical company pioneering novel small molecule therapeutics in ophthalmology, today announced the closing of a $15M Series A funding round including Deerfield Management, Johnson & Johnson (through its corporate venture capital organization, Johnson & Johnson Innovation – JJDC, Inc.), Braidwell LP, GV, the Retinal Degeneration Fund, and Catalio Capital Management, LP. Perceive Pharma, Inc. was spun out from Perceive Biotherapeutics, Inc. to accelerate development of novel neuroprotective therapeutics in glaucoma and other indications. The Company also welcomes Carol Gallagher, Pharm.D. to the Perceive Pharma Board as an independent Board Director. 

"We are delighted by Carol's addition to the board and welcome her contributions across the business," said Cameron Wheeler, Partner at Deerfield Management. "We look forward to working with our syndicate partners as Perceive Pharma continues to build compelling preclinical evidence of ophthalmic neuroprotection in key models of glaucoma." 

Perceive Pharma is focused on the neuroprotective pathways first elucidated in a genomic screening by co-founders Drs. Don Zack and Derek Welsbie, who further collaborated with a key industry partner to position Perceive Pharma with a library of neuroprotective drug candidates, including its lead therapeutic candidate, PBI-671. Series A proceeds will advance the development of first-in-class therapies to prevent vision loss in glaucoma, and additional undisclosed disease areas.

"All approved drugs for glaucoma target the lowering of intraocular pressure, but about half of glaucoma patients have normal pressures and continue to lose vision," said K. Angela Macfarlane, CEO. "The deep science underlying the identification of Perceive's targets differentiates its programs and provides promise for new, transformative treatments for sight-saving therapies for the more than 1.5 million Americans and others worldwide with glaucoma whose disease is continuing to progress, despite access to current treatments."¹

Perceive Pharma is also pleased to announce that Carol Gallagher, Pharm.D. has joined the company's Board of Directors as an independent director. Dr. Gallagher is an industry veteran with over 35 years of biopharma experience, holding roles of increasing responsibility in commercial, drug development, and business development in both large and small biopharma companies including Eli Lilly, Amgen, Pfizer and IDEC Pharmaceuticals. As the CEO of Calistoga Pharmaceuticals, she drove the company's acquisition by Gilead in 2011, after which she held Partner and Advisor roles in biopharma venture capital investing at New Enterprise Associates and Frazier. She currently serves as an independent director on the boards of both private and public biopharma companies including Atara Bio, PMV Pharma, TREX Bio, Recludix Pharmaceuticals, OncoResponse, and Slope.io.

"I am delighted to join the Board of Perceive Pharma and to support this committed and experienced team working on first-in-class neuroprotective drugs," said Dr. Carol Gallagher. "As a new spinout, Perceive Pharma is at a key inflection point and I am committed to working with the team and Board as we chart our path through this critical phase of development and growth."

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

About Perceive Pharma

Perceive Pharma is advancing novel small molecule neuroprotective therapeutics, with lead pipeline programs in glaucoma and other ophthalmic diseases. Perceive was founded on compelling research that leveraged a comprehensive screening process in retina cells to identify maximally neuroprotective biological pathways. The Company is backed by Deerfield Management, Johnson & Johnson Innovation, Braidwell LP, GV, Retinal Degeneration Fund, the venture arm of the Foundation Fighting Blindness, and Catalio Capital Management, LP.

About Perceive Bio

Perceive Biotherapeutics is advancing novel gene therapy treatments in ophthalmology and related verticals. Perceive was founded on compelling research elucidating novel protective biology for treating retinal blindness, including dry AMD, developed from foundational collaborations in genetic science and target validation. The Company is backed by Deerfield Management, Johnson & Johnson Innovation, GV, Braidwell LP, Retinal Degeneration Fund, and Catalio Capital Management, LP. For more information, please visit www.perceivebio.com

Media Contact 
For Perceive Pharma: 
Anne Rubin, President, ([email protected])

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SOURCE Perceive Pharma, Inc.