US-based biopharmaceutical company NeuroVia closed a $14m series A round yesterday that was co-led by pharmaceutical firm Novartis and biotech developer Sanofi-Genzyme, through subsidiaries Novartis Venture Fund and Sanofi-Genzyme BioVentures.
BioMed Ventures, the venture capital arm of real estate investment trust BioMed Realty and VC firm Enso Ventures also took part in the funding round, which had achieved a first close at $11.45m in late 2015 with the support of Novartis and Sanofi-Genzyme.
NeuroVia is working on treatments for a range of rare genetic neurological diseases. The company’s lead candidate, NV1205, targets X-linked adrenoleukodystrophy, which causes fat to build up in the brain with symptoms including seizures and hyperactivity.
The company’s technology is based on research by Tom Scanlan, professor of physiology and pharmacology in Oregon Health and Science University’s School of Medicine.
The cash will help advance NV1205 into a clinical proof-of-concept development program. Henry Skinner, managing director of Novartis Venture Fund, and Jason Hafler, senior director of investments at Sanofi-Genzyme BioVentures, have joined NeuroVia’s board of directors.
Hafler said: “The NeuroVia team has defined an insightful clinical development plan based on solid science in an indication that desperately needs innovation and new options for patients.
“I look forward to supporting the team as they continue on their mission to improve quality of life for patients and families affected with orphan neurological diseases.”
– This article first appeared on our sister site Global Corporate Venturing.
