Healthcare Industry News: COVID-19
News Release - June 3, 2020
Novo Ventures Leads US$55M Series B Investment in NodTheraLeading global life sciences venture investors
Approx US$1 billion invested in last two years
COPENHAGEN, Denmark, June 3, 2020 -- (Healthcare Sales & Marketing Network) -- 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.
NodThera is focusing on an exciting new class of anti-inflammatory targets, the NLRP3 inflammasome. Therapeutics that disrupt the NLRP3 inflammasome to inhibit damaging inflammatory processes have the potential to help patients with many chronic diseases. In preclinical studies, NT-0167 demonstrated potent and selective inhibition of the NLRP3 inflammasome resulting in reductions of IL-1β and IL-18, pro-inflammatory cytokines which are known to play a key role in chronic inflammation underlying a wide range of diseases.
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.
Chronic inflammatory diseases are the most significant cause of death in the world. There are many diseases that have a chronic inflammatory component such as certain diseases involving joints and the body's organs such as lungs. Worldwide, 3 out of 5 people die due to chronic inflammatory diseases.
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.
Nanna Lüneborg, Partner at Novo Ventures, and Board Director of NodThera said: "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. 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."
Adam Keeney, President and Chief Executive Officer of NodThera, said: "We are very pleased to have attracted a world-class syndicate of life science investors led by Novo Ventures, to develop this new class of medicines to treat diseases driven by chronic inflammation. The continued advancement of our lead molecule through clinical development represents a significant achievement in our work to exploit the still untapped therapeutic potential of selectively targeting the NLRP3 inflammasome."
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."
About Novo Holdings A/S
Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding and investment company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation's assets. Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. Further information: http://www.novoholdings.dk
NodThera is a biotechnology company developing a new class of potent and selective NLRP3 inflammasome inhibitors for the treatment of diseases driven by chronic inflammation. Led by an experienced management team, NodThera is leveraging new insights into inflammasome biology and chemistry to build a platform of highly differentiated small molecule NLRP3 inhibitors. The company was founded by Epidarex Capital and further financed by 5AM Ventures, Cowen Healthcare Investments, F-Prime Capital, Novo Holdings, Sanofi Ventures and Sofinnova Partners. NodThera maintains offices in Cambridge, UK, Seattle, WA and Boston, MA. For more information please visit www.nodthera.com.
Source: Novo Ventures
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