Novadip Biosciences Announces € 19 Million Series B Funding Supported by International Investors
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Novadip Biosciences aannouncement EUR 19 mmillions B series funding supported by international investors
New investment to fuel 3M’s continued growth?? Platform for the product development in
tissue reconstruction and oncology
Mont Saint-Guibert, Belgium – October 28, 2021 – Novadip Biosciences (“Novadip” or “the Company”), a clinical-stage company developing treatments to regenerate damaged tissue in patients with significant unmet medical needs, today announced that it has raised € 19 million on the first closing of a Series B financing, which was co-led by new investor CR-CP Life Science Fund, a Hong Kong-based venture capital firm, US-based New Science Ventures and Belgian investors Fund + and SRIW Life Sciences. Existing holders VIVES Louvain Technology Fund and Invest BW also participated, with Belgian company InvestSud joining as a new investor. Following the completion of the increase, the company appointed Jason Zhou (MD), CEO and Managing Director of CR-CP as a new member of the board of directors.
The product will support the future growth of the company while enabling continued innovation of the proprietary 3M³ platform. In the short term, Novadip is firmly focused on providing additional clinical evidence to support its regenerative product platform. This includes demonstrating the clinical efficacy of its autologous bone product NVD-003 in very debilitating diseases, such as congenital nonunion of the tibia (CPT), a rare pediatric indication that primarily affects children with long-term functional disabilities. devastating term. IND approval has been granted by the FDA allowing Novadip to conduct a pilot study with NVD-003 in the United States. The trial will examine the potential of the Company’s osteogenic cell-based product in young children, between two and eight years of age, with PTC. For more information, please follow this connect. Novadip also recently reported positive interim data from its Phase I / IIa clinical trial for NVD-003 in adults with unhealing and recalcitrant fractures of the lower limb, underscoring its safety and bone-forming capabilities. The press release is available here.
The funds will also allow Novadip to demonstrate the clinical potential of its standard allogeneic product NVD-X3 in foot and ankle bones and in posterolateral spine fusion. Company plans to start first clinical trial for its allogeneic program in 2022, after positive results in vitro and in vivo results. Additionally, Novadip is exploring the potential of its 3M³ platform to manufacture highly specific exosomal miRNAs in the treatment of solid tumors with trials to take place in the United States and Europe. In addition, Novadip is currently exploring future clinical development opportunities in China.
This first closing of the series B financing brings the total amount of the equity financing raised to date to 58 million euros, including the conversion of a loan of 11 million euros into class B shares. from this, Novadip recently received non-dilutive public funding from the Walloon Region of 13.4 million euros to support the developments of the B series.
Denis Dufrane (MD, Doctorate), CEO and VSo-Fmore of Novadip Biosciences, commented: “This major and successful equity financing will allow us to accelerate the development of our unique technology platform and complete a clinical study in the United States for our lead autologous product in CPT, a rare and severely debilitating pediatric disease. In addition to NVD-003 for CPT, we are very excited about the clinical potential of our standard allogeneic product NVD-X3 as well as the more recent potential applications we are currently exploring in oncology. Novadip has a strong track record to implement its strategy of advancing its portfolio of highly differentiated and valuable products for patients with clear unmet needs. “
Teacher. Eric Paul Easter, President of Badvice by Novadip Biosciences, noted: “The support of high caliber new and existing investors both in this financing round and in the loan conversion is a testament to the confidence in the long term opportunities for our platform to deliver business-changing benefits. patients’ lives. We look forward to leveraging Jason’s medical and financial expertise and warmly welcome him to the Board.
Jason zhou (MARYLAND), CEO and Managing Director of CR-CP, and new member of the Board of Directors by Novadip Biosciences noted: “Novadip is an exciting growth company operating in large and underserved markets and I am very happy to join the board of directors. CR-CP has been impressed with the potential of Novadip’s platform, and I believe Novadip’s research and clinical development to date has shown very promising advances in bone tissue engineering with another great potential in oncology. Looking ahead, it is clear that Novadip’s treatment portfolio can be extremely important for patients in Asia and I look forward to supporting Denis and the management team to develop clinical pathways in China in the future.
Christina Franssen, SRIW Life Sciences, member of the board of directors of Novadip Biosciences, noted: “We are proud to have been part of Novadip’s journey since the beginning of the company. With this new funding round, we look forward to bringing autologous NVD-003 to CPT patients by providing them with therapy they are sorely lacking. Thanks to the exceptional quality of the 3M³ platform and the team, we are confident that the new cell-free product will give good results in patients with bone defects, such as foot and ankle injuries or problems. spinal fusion.
A Boutside NOVADIP BIOSCIENCES
Founded by Pr Denis Dufrane and Jean-François Pollet, Novadip Biosciences, a spin-off from the University of Louvain (UCL) and CHU Saint-Luc (CUSL), is active in regenerative medicine of the skeleton. Novadip Biosciences is a clinical-stage biopharmaceutical company that leverages its unique 3D tissue regeneration technology platform to generate multiple product candidates to treat hard and soft tissue reconstruction for patients with limited or no treatment options. . The 3M business owner3 is a three-dimensional extracellular matrix that uses stem cells derived from adipose tissue to deliver highly specific growth factors and miRNAs to mimic the physiology of natural healing and generates a range of products that address the specific challenges of tissue regeneration. The initial objective of Novadip is bone reconstruction of critical size. It is also applying its 3M3 platform to develop new off-the-shelf / allogeneic therapies to treat more prevalent tissue defects and miRNA / exosome products for broader indications like oncology. For more information visit www.novadip.com .
About RC – CP Life Sciences Fund
CR-CP Life Science Fund is a Hong Kong-based private equity fund, jointly established by China Resources Group and Charoen Pokphand Group, focusing on early stage / growth stage companies in the life sciences universe . These two conglomerates sponsored the major capital injection with a total fund size of US $ 168 million, and they continue to support the fund through their extensive trading network in China and Asia.
About New Science Ventures
New Science Ventures (NSV) is a Connecticut and London-based venture capital firm that invests in early and late stage businesses using new science-based approaches to address significant unmet needs and create improvements performance by an order of magnitude. NSV manages over $ 800 million and has invested in over 40 companies located in the United States, Europe, India and China in the life sciences and information technology industries.
About Fund +
FUND + is a Belgian open-ended fund for long-term equity investment in innovative life science companies with a focus on Europe. Fund + is a patient-centric investment by creating lasting value for shareholders, contributing to the development of a leading position in the life sciences sector and generating a tangible and beneficial societal impact in addition to a return. financial. Fund + manages more than 200 million euros of assets under management (vintage: 2015)
About SRIW Life sciences
By building on Wallonia’s traditional strengths, SRIW Life Sciences invests in “local heroes”, scientists and entrepreneurs in the life sciences who wish to take advantage of their innovation to build a sustainable and equitable global economy anchored in Wallonia. SRIW Life Sciences focuses on diversity and cross-fertilization in its broadest sense. We invest in life science companies at various stages of development across a wide range of technologies and disease areas. We are an early and patient investor, we invest in the most promising start-ups and can act with a long-term view – longer than the VC average. SRIW’s role as a provider of venture capital to the life sciences industry allows innovators to explore areas in which they might be hesitant to venture on their own. And by supporting innovative start-ups, we aim to strengthen the economic health of our region. More information: http://www.sriw.be
For more information, please ccontact :
Chairman and CEO, Scientific Director
+32 (10) 779 220
CONSILIUM STRATEGIC COMMUNICATION
Chris Gardner, Matthew Neal, Angela Gray
+44 (0) 23 709 5700