Exonate Taps Veteran CEO to Challenge the Needle in Diabetic Eye Care

CAMBRIDGE, England – June 30, 2026 – The systems that deliver modern healthcare are often defined by a trade-off between efficacy and accessibility. For millions living with diabetic eye disease, that trade-off is stark: accept frequent, invasive injections into the eye or risk irreversible vision loss. Cambridge-based Exonate Ltd. is making a calculated bid to shatter that paradigm, and its latest move—appointing seasoned pharmaceutical executive Olav Hellebø as Chief Executive Officer—signals a serious escalation in the race to develop a non-invasive alternative.

The appointment places Hellebø at the helm as the biotechnology firm prepares to advance its lead candidate, EXN407, into a critical Phase IIb clinical trial. EXN407 is not another injectable; it's a small-molecule therapeutic delivered as a simple eye drop, a proposition that could fundamentally restructure the standard of care for one of the leading causes of blindness in the working-age population.

A Veteran Hand on the Tiller

In the high-stakes world of clinical-stage biotech, leadership is paramount. Exonate's choice of Olav Hellebø is a clear strategic play, bringing in a leader with a formidable track record of navigating companies from the lab to the market. His curriculum vitae reads like a map of the modern pharmaceutical landscape, with senior roles at giants like Schering-Plough (now Merck), Novartis, and UCB, balanced by CEO positions at nimble biotechnology firms.

During his tenure as CEO of ReNeuron Group, Hellebø was instrumental in securing a promising Retinitis Pigmentosa program and raising $125 million in equity financing. At UCB, he was a key figure in building the immunology division and launching the blockbuster drug Cimzia®. His decade at Schering-Plough saw him lead a US business unit with over $2 billion in annual sales across oncology, cardiovascular, and hepatitis-C. This blend of big pharma commercial muscle and biotech agility is precisely what a company like Exonate needs as it approaches its most significant clinical and corporate milestones.

"Olav combines deep scientific understanding with extensive operational and commercial leadership experience," said Dr. Rafiq Hasan, Chair of Exonate's Board of Directors. "His expertise in ophthalmology, together with his proven ability to build and lead successful organisations, makes him ideally suited to guide Exonate as we continue to advance our pipeline and create value for patients." The move also sees co-founder Catherine Beech transition from the CEO role to continue her work on the company's board, ensuring continuity of vision.

Beyond the Needle: The Promise of EXN407

The structural weakness in the current treatment for diabetic retinopathy (DR) and diabetic macular edema (DME) is not the medicine itself, but its delivery. Anti-VEGF drugs like Eylea and Lucentis are highly effective but require intravitreal injections—a procedure that is a significant source of patient anxiety, discomfort, and logistical burden. The regimen of frequent hospital visits can lead to poor compliance, treatment delays, and, ultimately, preventable vision loss. For a condition affecting nearly one-third of the world's 500 million people with diabetes, this treatment burden represents a massive public health challenge.

Exonate's EXN407 aims to directly address this friction point. It is a first-in-class topical formulation of a selective SRPK1 inhibitor. Rather than directly binding to the VEGF protein like current injectables, it works upstream by modulating its production. By inhibiting the SRPK1 enzyme, the eye drop prevents the alternative mRNA splicing that creates the pro-angiogenic forms of VEGF responsible for the leaky, abnormal blood vessels that damage the retina. The goal is a twice-daily eye drop that can penetrate to the back of the eye and halt the disease process.

"Exonate is targeting the VEGF pathway, one of the most validated pathways in retinal disease through a differentiated, topical mechanism delivered as an eye drop, rather than the intravitreal injections used today," Hellebø commented on his appointment. "For the many patients who go untreated rather than accept injections, this is a compelling proposition."

This proposition is backed by encouraging data. In a Phase Ib/IIa study completed in March 2024, EXN407 met its primary safety and tolerability endpoints with no serious adverse events and high patient compliance. More importantly, exploratory efficacy signals pointed to a reduction in vascular leakage and a sustained decrease in macular thickness, results comparable to those seen with anti-VEGF injections.

Navigating a Crowded and Complex Field

Exonate is not alone in its quest to unseat the needle. The ophthalmology space is a hotbed of innovation, with numerous companies pursuing less invasive treatments. The competitive landscape includes other topical candidates, such as Oculis's OCS-01, a high-concentration steroid eye drop currently in Phase 3 trials for DME. Others, like OcuTerra Therapeutics, are developing integrin inhibitors in drop form.

The field extends to oral medications from companies like Ocuphire and Bayer, which promise systemic treatment but face hurdles in achieving sufficient ocular efficacy without causing off-target side effects. Further on the horizon are gene therapies from RegenxBio and sustained-release implants from EyePoint, which aim to reduce treatment frequency from months to years with a single procedure.

Amid this intense competition, EXN407's unique mechanism and its delivery as a simple eye drop give it a distinct position, particularly for early-stage intervention. The regulatory path for such a drug is not without its own challenges. Getting a topical drug to effectively penetrate the eye's multiple biological barriers to reach the retina is a significant scientific hurdle. However, the FDA has established clear guidance for topical ophthalmic products, and the advancement of other candidates into late-stage trials suggests regulators are open to non-invasive solutions that can prove their safety and efficacy. Exonate's confidence is embodied in its plans for the 'CLEAR-DE' Phase IIb trial, set to begin in early 2026 and enroll 140 patients across Australia, the Middle East, and China.

Hellebø's statement about a "clear path to registration" where a positive Phase IIb result would be confirmed by a "closely mirrored Phase III" indicates a belief that the company's data and trial design are robust enough to meet these stringent requirements. This upcoming trial will be the true test of whether Exonate’s elegant solution can disrupt a market long dominated by the needle and fundamentally improve the structural integrity of care for millions worldwide.