Healthcare Industry News: CT
News Release - June 18, 2021
Nuevocor closes US$24M Series A Financing to Advance Novel Gene Therapies for CardiomyopathiesSINGAPORE, June 18, 2021 -- (Healthcare Sales & Marketing Network) -- Nuevocor, a preclinical-stage biotech company specializing in gene therapy for cardiomyopathies, has announced the completion of an oversubscribed $24 million Series A financing round. The round was co-led by EVX Ventures and Boehringer Ingelheim Venture Fund (BIVF), with EDBI, Xora Innovation, SEEDS Capital and other investors joining the syndicate.
The funds will be used to accelerate the preclinical development of its lead programme, an adeno-associated virus (AAV) – based gene therapy for patients suffering from dilated cardiomyopathy (DCM) due to mutations in the lamin A/C (LMNA) gene. The company also plans to address other untreatable cardiomyopathies using their novel target discovery platform.
Nuevocor's founding CEO, Dr Yann Chong Tan stated: "We are delighted to have this strong group of investors join us in developing gene therapy-based treatments that have the potential to restore cardiac funCTion in diseased hearts. The current standard of care for dilated cardiomyopathy only serves to delay disease progression, and the only cure is to have a heart transplant. At Nuevocor, we hope to give patients a new lease of life through our technology."
XQ Lin, Chairman of EVX Ventures, commented, "We are thrilled to co-lead Nuevocor's Series A round alongside other top tier investors. Nuevocor is the latest company to emerge from our venture creation ecosystem. We look forward to supporting Nuevocor's path towards the clinic and bringing new medicines to patients in need."
"Nuevocor is trying to apply a very innovative and challenging approach using gene therapy for the treatment of genetically-driven, dilated cardiomyopathies. We are excited to see that the company is exploiting the potential of genetic suppressors to change the course of these diseases and hopefully to significantly extend the life span and improve the life quality of DCM patients," said Dr. Weiyi Zhang, Managing DireCTor of BIVF Asia.
Headquartered in Singapore, Nuevocor is a privately held preclinical-stage biopharmaceutical company focused on developing AAV gene therapy for the treatment of genetically defined cardiac diseases with high unmet need. Nuevocor's lead program, lamin A/C dilated cardiomyopathy (LMNA DCM) gene therapy is based on decades of research into fundamental mechanisms underlying LMNA-associated disease enabled by development of novel technologies on the part of scientific co-founders Colin Stewart and Brian Burke of the Agency for Science, Technology and Research (A*STAR). Together with AAV gene therapy and cardiac disease modelling expertise of scientific co-founders Mark Kay from Stanford University and Jianming Jiang from the National University of Singapore respeCTively, Nuevocor is well-positioned to treat LMNA and other genetic cardiomyopathies, amongst other cardiac diseases.
"Singapore has made long-term R&D investments to drive health outcomes and economic growth, and to build the local biotech ecosystem. A*STAR is proud to have supported our spin-off Nuevocor in translating excellent science from bench to bedside so they can develop more effeCTive gene therapies for hard-to-treat cardiac diseases, for better patient outcomes," said Professor Ng Huck Hui, Assistant Chief Executive, Biomedical Research Council, A*STAR.
About LMNA dilated cardiomyopathy
LMNA mutations are the #2 cause of familial DCM, affeCTing approximately 60,000 people in the US and EU alone. The mutation confers amongst the worst prognosis of all DCM, with increased risk of arrhythmogenic DCM and sudden cardiac death. Being an autosomal dominant disease charaCTerized by gain-of-funCTion of the mutant Lmna protein, conventional gene replacement therapies would be ineffeCTive for LMNA DCM. Nuevocor's innovative approach to gene therapy circumvents this roadblock.
About EVX Ventures
EVX Ventures is a global VC that builds, incubates, and invests in biotech companies. With a focus on disruptive therapeutics platform technologies and novel therapeutic modalities, they invest in global technologies to redefine the therapeutics of tomorrow. Learn more at www.evx.ventures
About Boehringer Ingelheim Venture Fund
Created in 2010, the Boehringer Ingelheim Venture Fund GmbH (BIVF) invests in groundbreaking therapeutics-focused biotechnology companies to drive innovation in biomedical research. BIVF is searching for significant enhancements in patient care through pioneering science and its clinical translation by building long-term relationships with scientists and entrepreneurs. BIVF's focus is to target unprecedented therapeutic concepts addressing high medical needs in immuno-oncology, regenerative medicine, infeCTious diseases and digital health. For more information, visit www.boehringer-ingelheim-venture.com.
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