What Perfuse Therapeutics does

Perfuse Therapeutics is a clinical-stage biopharmaceutical company developing therapies that target pathologic endothelin signaling in ischemia-induced ocular diseases. Its lead asset, PER-001, is a first-in-class small molecule endothelin receptor antagonist formulated in a proprietary 4 mm bio-erodible cylindrical intravitreal implant administered via a single-use 25-gauge applicator, engineered to release drug over a six-month dosing interval — versus more frequent injections required by competing sustained-release ocular products. The company's therapeutic hypothesis is that blocking the endothelin pathway improves ocular blood flow and prevents retinal cell death in diseases such as glaucoma and diabetic retinopathy, with disclosed pipeline extensions into dry AMD/geographic atrophy, retinal vein occlusion, and retinopathy of prematurity (the last via a topical formulation).

Perfuse was founded by Sevgi Gurkan, MD and operated from South San Francisco, CA (corporate headquarters) with R&D facilities in Durham, NC, employing 1–10 people throughout its independent existence. The company is pre-revenue and generated no commercial sales prior to its acquisition; its underlying technology platform — a sustained-release, bio-erodible intravitreal implant supporting twice-yearly dosing — is the foundation of its value proposition and is protected by what the company describes as a strong and wide-ranging intellectual property portfolio across drug candidates, the delivery platform, and methods of treatment. Pre-acquisition financing was provided by a syndicate of ophthalmology-focused venture capital firms including OrbiMed, Access Biotechnology, Hatteras Venture Partners, and Lilly Asia Ventures, with disclosed funding of approximately $9.0 million in a single 2020 round.

On May 6, 2026, Bayer AG announced an agreement to fully acquire Perfuse for up to $2.45 billion ($300 million upfront plus development, regulatory, and commercial milestone payments), and the acquisition closed on June 17, 2026. Post-closing, Perfuse was fully integrated into Bayer's pharmaceutical operations, with PER-001's commercial value to be realized through Bayer's existing ophthalmology sales infrastructure. As an independent revenue-generating entity, Perfuse had no commercial customers; its single value-realization event was the Bayer acquisition.

Name

Perfuse Therapeutics

Legal name

Perfuse Therapeutics, Inc.

Website

https://perfusetherapeutics.com

Company type

Private

Founded year

2018

Operating status

Acquired

Headcount range

1–10 employees

Short description

Perfuse Therapeutics is a clinical-stage biopharmaceutical company developing PER-001, a first-in-class endothelin receptor antagonist delivered via a 6-month sustained-release intravitreal implant to treat ischemia-induced ocular diseases such as glaucoma and diabetic retinopathy. It was acquired by Bayer AG in June 2026.

Ownership category

akta.pro rank

Headquarters

HQ city

South San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations

Revenue model

1. Pre-revenue / Acquisition Value: Perfuse Therapeutics is a clinical-stage biopharmaceutical company that had not yet commercialized any product. Its sole value-generating event is its acquisition by Bayer, valued at up to $2.45 billion (comprising $300 million upfront and up to $2.15 billion in development, regulatory, and commercial milestone payments). Future revenue will be derived from commercialization of PER-001 by Bayer.

Go-to-market motion1 record

Core offering

Perfuse Therapeutics develops PER-001, a first-in-class small molecule endothelin receptor antagonist formulated in a proprietary sustained-release, bio-erodible intravitreal implant administered via a single-use 25-gauge applicator and designed for 6-month dosing intervals. PER-001 is being advanced through clinical development for ischemia-induced ocular diseases, with lead indications in glaucoma and diabetic retinopathy and pipeline expansion into dry AMD/geographic atrophy, retinal vein occlusion, and retinopathy of prematurity.

Product overview

Perfuse Therapeutics is a single-asset-focused clinical-stage biopharmaceutical company built around its proprietary sustained-release drug delivery platform, with PER-001 (Intravitreal Sustained Release Implant) as the lead first-in-class small molecule endothelin receptor antagonist candidate administered via a 4 mm bio-erodible cylindrical implant every six months for glaucoma, diabetic retinopathy, dry AMD/geographic atrophy, and retinal vein occlusion, complemented by an early-stage PER-001 topical formulation in development for Retinopathy of Prematurity. As of 2026, Perfuse has been fully acquired by Bayer and is integrated into Bayer's pharmaceutical ophthalmology pipeline.

Differentiator

Problem solved

Functional benefit

Brands

• PER-001: Lead therapeutic candidate: a first-in-class small molecule endothelin receptor antagonist delivered in a sustained-release, bio-erodible intravitreal implant designed for six-month dosing; being developed for glaucoma, diabetic retinopathy, dry AMD/geographic atrophy, and retinal vein occlusion.

Products and services

• PER-001 Intravitreal Sustained Release Implant First-in-class small molecule endothelin receptor antagonist formulated in a 4 mm bio-erodible cylindrical intravitreal implant, administered via a single-use 25-gauge applicator into the vitreous cavity, designed to provide sustained release over 6 months for the treatment of glaucoma, diabetic retinopathy, dry AMD/geographic atrophy, and retinal vein occlusion. PER-001 is an investigational therapy in Phase II clinical development, intended for adult patients with ischemia-induced ocular diseases; it has not yet been approved by the FDA.
• PER-001 Topical Formulation Topical formulation of the PER-001 endothelin receptor antagonist in early pipeline development, intended to expand the PER-001 franchise beyond intravitreal delivery to address Retinopathy of Prematurity in neonatal patients.

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ocular Therapeutix: Clinical-stage ophthalmology company developing sustained-release intravitreal drug delivery (including bioerodible hydrogel implants for retinal diseases) — directly comparable platform mechanism and target indications to Perfuse's PER-001 implant.
• Aerie Pharmaceuticals: Was a clinical-to-commercial glaucoma specialist (Rhopressa/Roclatan) acquired by Alcon in 2022; comparable as a venture-backed glaucoma therapeutics company with novel mechanism targeting IOP and disease modification.
• Apellis Pharmaceuticals: Develops SYFOVRE for geographic atrophy (dry AMD) and EMPAVELI; directly comparable as a clinical-stage ophthalmology biotech that advanced a novel mechanism for an ischemia/AMD-adjacent indication and executed pivotal trials.
• Kodiak Sciences: Clinical-stage biopharma developing novel therapeutics for retinal diseases including diabetic retinopathy and AMD; comparable in stage, ophthalmology focus, and novel-mechanism approach to PER-001.
• Ocuphire Pharma: Late clinical-stage ophthalmology company developing Nyxol for glaucoma and presbyopia; comparable as a venture-backed, single-mechanism-focused glaucoma therapeutics company.
• Iveric Bio: Developed Izervay for geographic atrophy and was acquired by Astellas in 2023 for ~$5.9B — comparable as a clinical-stage ophthalmology biotech focused on novel-mechanism treatment of a retinal indication, and as a recent premium M&A comparable.

Broad incumbents

• Regeneron Pharmaceuticals: Developer and commercializer of EYLEA (aflibercept), the standard anti-VEGF therapy for diabetic retinopathy, wet AMD, and retinal vein occlusion — direct comparator in PER-001's DR/RVO indications and Bayer's existing partnership peer.
• Genentech (Roche): Markets Lucentis, faricimab (Vabysmo), and Susvimo (the only approved sustained-release ocular implant for wet AMD) — directly comparable both as a retinal disease incumbent and as the only other company with an approved SR ocular implant platform.
• Bausch + Lomb: Established global ophthalmology franchise with branded pharmaceuticals (e.g., Vyzulta for glaucoma, BEOVU) and surgical/consumer eye health; relevant comparable as a broad incumbent Bayer competes with across ophthalmology.

Emerging players

• Adverum Biotechnologies: Clinical-stage gene therapy company developing single-administration intravitreal treatments (ixoberogene soroparvovec) for wet AMD and DR — overlaps with Perfuse on sustained-effect ocular drug delivery in retinal disease.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks2 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/perfusetherapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors3 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Perfuse Therapeutics