Peptide-based drug developer Navigen has been backed by University of Utah-based student venturing fund UVF II in its first equity round.
US-based peptide medication developer Navigen obtained $1.5m on Wednesday in a seed round backed by University Venture Fund (UVF) II, a student venturing fund operated from University of Utah.
Other investors in the round were not named.
Founded in 2014, Navigen has developed a D-peptide discovery platform to create drugs targeting indications with unmet medical needs such as HIV, cancer and inflammatory diseases. Peptides are short amino acid chains that offer potential advantages over conventional small molecule-based drugs for their safety, tolerability and efficiency.
The company’s HIV candidate, CPT31, will soon begin clinical trials and could provide patients with an alternative to existing therapies which carry potentially dangerous side-effects. Navigen is also working on a D-peptide with the potential to block the cancerous CD47 mechanism and a drug to fight inflammatory diseases including rheumatoid arthritis.
UVF II is an $8.2m impact-focused VC fund set up to give students venturing experience in conducting due diligence, building financial models and amassing market research. The vehicle is run from social enterprise hub Sorenson Impact Center, which is based at the University of Utah David Eccles School of Business.
Jeramy Lund, managing director of UVF II, said: “Navigen’s model of establishing its drugs’ safety and human efficacy then quickly licensing them to a larger company with the resources to conduct more extensive human trials is practical.
“If its drugs are successful, the lives of vulnerable people will significantly change, and our investment will deliver a great return for our limited partners.”
