Austin's Ollin Biosciences lands oversubscribed $330M to take eye-disease drug into Phase 3

AUSTIN - Ollin Biosciences, a clinical-stage biopharmaceutical company based in Austin, said it has closed an oversubscribed $330 million Series B round, one of the larger life-sciences raises tied to the city this year. The company plans to use the capital to push its lead candidate, OLN324, into global Phase 3 trials for two common vision-threatening conditions, diabetic macular edema and wet age-related macular degeneration.

Founding investor Arch Venture Partners co-led the round with new backer TCGX, with participation from accounts advised by T. Rowe Price, Blackstone Multi-Asset Investing, RA Capital Management and Monograph Capital. Ollin, which was established in 2023, said it has completed an End-of-Phase 2 meeting with the U.S. Food and Drug Administration and received scientific advice from European regulators ahead of the Phase 3 program, which it expects to begin in the second half of 2026.

The company is framing OLN324 as a challenger to faricimab, marketed as Vabysmo, citing a head-to-head Phase 1b study it says showed faster anatomic improvement. Beyond its lead program, Ollin said a second candidate aimed at thyroid eye disease is expected to enter a Phase 1 trial this year.

Why it matters

Austin's startup reputation runs on software, robotics and energy, but a nine-figure biotech raise underscores a quieter life-sciences layer building in the metro. A funded Phase 3 program also keeps high-skill clinical and regulatory jobs anchored locally as the company scales toward late-stage trials.

Ollin has completed an End-of-Phase 2 meeting with the FDA and received scientific advice from the European Medicines Agency on the Phase 3 program, and plans to initiate global Phase 3 trials of OLN324 in DME and wAMD in the second half of 2026.— Ollin Biosciences, company statement