Healthcare Industry News: NV-101
News Release - November 1, 2007
NEA Completes Investment in Novalar Pharmaceuticals
Company Aims to Launch Local Dental Anesthetic Reversal Agent in 2008MENLO PARK, Calif.--(HSMN NewsFeed)--New Enterprise Associates, Inc. (NEA) today announced that the firm has led a Series D investment in San Diego, California-based Novalar Pharmaceuticals, Inc. The funds will be used to support Novalar’s anticipated U.S. launch of NV-101, a first-in-class, local dental anesthetic reversal agent, as well as the development of other innovative dental pharmaceuticals in the company’s pipeline. As a result of the investment, NEA Partner Michael Raab will join Novalar’s Board of Directors.
“With the anticipated launch of its innovative local dental anesthetic reversal agent and a promising development pipeline, Novalar has the potential to become a leader in the dental pharmaceutical industry,” said Mr. Raab. “I look forward to working with Novalar’s talented team as the company advances its promising portfolio of product candidates.”
Novalar filed a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) for NV-101, a first-in-class local dental anesthetic reversal agent that accelerates the return to normal sensation and function following restorative and periodontal maintenance procedures, in April 2007. The NDA was accepted for filing in June 2007 and, pending approval by the FDA, the company anticipates a U.S. launch of NV-101 in 2008.
“With the addition of NEA, Novalar has assembled a strong team of investors that can help guide the company through commercialization of its first product and the continued strengthening of its development pipeline,” said Donna Janson, President and CEO of Novalar.
About NEA
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has adhered to the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners, and operating in accordance with the highest standards of integrity and respect. NEA focuses on investments at all stages of a company’s development, from seed stage through IPO. With approximately $8.5 billion in capital committed to its affiliated funds, NEA’s experienced management team has invested in more than 550 companies, of which more than 160 have gone public and more than 230 have been acquired. NEA has U.S.-based offices in Baltimore, Maryland; Chevy Chase, Maryland; and Menlo Park, California. In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India and New Enterprise Associates (Beijing) Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.
Source: New Enterprise Associates
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