– Funds used to complete Phase 2b ICONA study in NASH and to Advance Two Additional SEFAs into the Clinic
Novo Seeds, the early stage investment and company creation team of Novo Holdings, today announced that its portfolio company NorthSea Therapeutics B.V., (‘NST’) a Dutch biotech company developing novel and innovative strategies for the treatment of NASH (Non-alcoholic Steatohepatitis) and other metabolic, inflammatory and fibrotic diseases, has successfully closed a $40 million (€36 million) Series B financing round.
The proceeds of this fundraising will be used by NST to drive the development of its pipeline of SEFA (Structural Engineered Fatty Acids) programs. The Company will develop two additional SEFAs within its clinical pipeline in addition to completing the Phase 2b with its lead candidate Icosabutate.
In addition to Novo Seeds, existing investors, Forbion, New Science Ventures (NSV) and BioGeneration Ventures (BGV) also participated in the round. New US investors venBio Partners led the Series B round, and were joined by Sofinnova Investments.
Søren Møller, Senior Partner at Novo Seeds, commented: “Novo Seeds’ strategy is to identify, build and invest in breakthrough innovation, with the ultimate goal of developing products that can transform patients lives. NorthSea Therapeutics’ differentiated therapeutic approach has the potential to address a diverse set of metabolic disorders. We are particularly excited by NASH, an area of large unmet medical need, and are confident in the impressive clinical data generated to date. We are very happy to once again support this proven management team and look forward to working with this renowned investor syndicate in progressing NorthSea Therapeutics’ SEFA technology into the clinic, and shaping the future of patient care.”
Rob de Ree, CEO of NorthSea Therapeutics, said: “We are delighted to start the year with a successful Series B financing which brings both US investment and expertise to our shareholder syndicate and to our Board. The great support from both new and existing shareholders will enable us to leverage our SEFA technology and to enter the clinic with two new clinical programs within the next 18 months. Both new programs have the potential to have a significant impact on patient care.”
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