Eyestem Research, a Bengaluru- and US-based biotech company, is working on a cell therapy. It could restore vision for patients with retinal diseases. Its lead program, Eyecyte-RPE, targets Geographic Atrophy (GA), the advanced stage of dry age-related macular degeneration (AMD). This disease is a major cause of blindness in people over 50. Globally, 19.6 crore people live with AMD, with nearly 50 lakh affected by GA.

In June 2025, Eyestem announced Phase 1 trial results in India. The trials showed no major side effects and signs of vision recovery. Eight out of nine patients experienced improvements. Some patients were able to read large print and recognize faces. The data has been submitted to India’s drug regulator, CDSCO. A Phase 2 trial with about 33 patients will begin soon. Eyestem also plans to file with the US FDA in 2026 to run trials in both India and the US.

The company has raised $20 million so far, including a $10 million round in 2025. This round was backed by Biological E, Alkem, and NATCO. While out-licensing is an option, Eyestem says it is well funded. The company wants to stay independent for now.

A key challenge is whether the larger Phase 2 trial meets its goals. If successful, Eyestem could have a pricing edge. They estimate its treatment at $50,000 per dose—half the projected $100,000 of competitor Lineage Cell Therapeutics. Another US company, Luxa Biotechnology, is working on a similar therapy. However, details remain unclear.

If Eyestem succeeds, it would be a major milestone for Indian biotech. This shows its ability to move from research to real-world therapies. Still, much depends on the upcoming clinical trials.

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