Novo Ventures Leads NodThera Series B
Novo Ventures, part of Novo Holdings, today announced that it has led the $55 million (£44 million) Series B financing in NodThera, a UK and US based clinical stage biotechnology company developing a new class of medicines to treat diseases driven by chronic inflammation. Nanna Lüneborg, Partner at Novo Ventures, will join the NodThera board.
"Millions of people live with diseases in which chronic inflammation plays a role. NodThera's approach to selectively targeting the NLRP3 inflammasome without broadly suppressing the immune system is an enormously promising strategy for developing therapies that can help these patients. We have followed NodThera for several years, and we are delighted to support the company in this financing," said Lüneborg. "This is a great example of how we look to invest in potential world class opportunities by backing great teams and great science in areas of major unmet medical need."
The financing will support the advancement of NodThera's pipeline of small molecule NLRP3 inflammasome inhibitors, including continued progression of lead candidate NT-0167 through clinical development and further progress the development of additional compounds — including brain-penetrant NLRP3 inflammasome inhibitors for central nervous system indications — and continued drug discovery efforts.
Naveed Siddiqi, Partner at Novo Ventures, added: "Our investment strategy is to identify and invest in US, Europe or Asian life science companies which are true leaders in their areas of expertise, developing innovative products that significantly advance patient care. Europe continues to be an attractive region for both life science innovation and investment despite the current COVID-19 related uncertainties, and Novo Ventures is proud to be one of the most active investors in Europe leading and supporting large equity financings in pre-clinical to late stage private and public companies. Our international investment team's long and diverse experience and deep capital pool enables us to support companies through to key value inflection points. We are thrilled to add NodThera to our growing European portfolio."
Novo Ventures led the round which also included new investors Cowen Healthcare Investments and Sanofi Ventures, as well as existing investors 5AM Ventures, Epidarex Capital, F-Prime Capital and Sofinnova Partners.
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