Cellular Dynamics International is following a split with a spinoff.

The Madison, WI-based biotech, which earlier this month announced it divided the company into two business units, is now saying it has launched a new venture that will focus on developing medicines to treat diseases of the retina.

The new company, known as Opsis Therapeutics, was formed on July 31. However, Cellular Dynamics—which is also known as CDI, and was acquired by Tokyo-based Fujifilm last year—did not announce the creation of Opsis until earlier this week.

“We wanted to structure the [new] company in a way that gives it the flexibility of a startup, but also [leverages] the benefit, power, and quality that Fujifilm and CDI bring,” says Emile Nuwaysir, who is president of Opsis and will also continue serving as CDI’s president and chief operating officer. Read the full story here.