Switzerland's NovImmune has rounded up $54.8 million (CHF 62.5 million) to take back control of its lead compounds NI-0401 and NI-0501 from MerckSerono. The company said the money will also be used for further development of its pipeline. The most advanced compound is NI-0401/anti-CD3, which is in Phase II trials for Crohn's disease, type 1 diabetes and transplantation. BZ Bank Aktiengesellschaft led the funding round. The company last raised funding when it closed a $46 million second round back in 2006.
Jack Barbut, CEO of NovImmune, said: "The Company has made great progress and remains strictly focused on achieving its goals to progress NovImmune's rich pipeline. We are proud to complete this transaction which allows us to continue to execute our long term business plan. With the current financing, NovImmune now has regained full control of two of its lead compounds from MerckSerono and is looking forward to moving ahead with the seven products in its portfolio." Chairman Eduard Holdener added that the funding would prepare NovImmune for partnerships "that might involve one or multiple compounds of its portfolio." The company discovers and develops therapeutic mAbs for inflammatory diseases and immune-related disorders.
- take a look at NovImmune's release
- see the Reuters article