Proceeds will advance Novira’s novel capsid assembly inhibition compounds that target the Hepatitis B virus (HBV). The financing represents a unique syndication among the largest Philadelphia angel groups in an early stage life science company.
RADNOR, Pa.--(BUSINESS WIRE)-- Novira Therapeutics, Inc., a privately held antiviral drug discovery company developing innovative, first-in-class therapeutics for the treatment of viral diseases, including HBV and HIV, announced that it has completed a second round of seed financing that brings the company’s early financing to approximately $2.5 million, with another $1.0 million obtained in non-dilutive grants. The financing was led by three of Philadelphia’s active angel groups, Delaware Crossing Investor Group, the Mid-Atlantic Angel Group Fund II (MAG II Fund) and Robin Hood Ventures. BioAdvance, the initial investor in the company also participated in the round. Gregory Harriman, M.D., member at Robin Hood Ventures will join Novira’s board of directors as the Board designee for the angel syndicate, and Karen Griffith Gryga, Executive Director of the Mid-Atlantic Angel Group (MAG) Funds (I & II) will take a board observer position.
“This round of financing will help enable Novira to complete optimization work on our lead program to develop new drugs that promise to significantly improve treatment of chronic hepatitis B infection, a significant worldwide concern with more than 350 million patients who suffer from chronic disease,” said Osvaldo (Lalo) Flores, PhD, Chief Scientific Officer and co-Founder of Novira. “We are grateful to have early investors who share in our vision and can help us quickly advance our capsid assembly inhibition technology towards the clinic.”
“From our very first meeting with Novira, our investment groups were very intrigued by their exciting technology, as well as their management team’s extensive industry experience,” stated Gregory Harriman, MD, who co-led the deal with J. David Owens from the Mid-Atlantic Angel Group Fund and Delaware Crossing Investor Group. “We believe Novira is a front-leading company in this new area of capsid inhibition and we can envision a strategic partner who is attracted to the HBV and HIV programs in the not too distant future,” added J. David Owens (Chief Business Officer), who joins the Novira management team along with Ali Munawar (Vice President, Research Operations, co-Founder) and George Hartman, PhD (Vice President, Chemistry, co-Founder).
“Novira was launched in 2009 with seed funding from BioAdvance and the team has already demonstrated its ability to create value in a capital efficient way. Given the challenging fund-raising environment for start-up companies, we’re delighted to have the support of the three angel funds, which represent an increasingly important segment of the capital landscape in the region,” adds Barbara Schilberg, CEO of BioAdvance and a Novira Board member.
About Novira’s Technology
Novira’s HBV and HIV antiviral drugs bind to and disrupt the function of a virus protein called “capsid” or “core”. The capsid protein forms a shell that protects the viral genome as the virus replicates and is transmitted. The capsid protein plays multiple essential roles in the virus life cycle including assembly of new viral particles and disassembly of the particle after the infection of a new cell. Thus, Novira’s technology can limit viral disease by both preventing the production of new infectious virus and by preventing the infection of new cells.
About Novira Therapeutics, Inc.
Headquartered in Radnor, Pennsylvania, Novira www.noviratherapeutics.com is an antiviral drug discovery company that is focused on the discovery of novel, first-in-class therapeutics for the treatment of HBV and HIV, two global diseases in need of improved therapies. Novira’s advantage comes from using an innovative drug discovery and development paradigm together with a cost-efficient operational model that reduce the time and cost to deliver drug candidates with clinical proof of concept (POC).
Delaware Crossing Investor Group
Robin Hood Ventures
Mid-Atlantic Angel Group Fund
Novira Therapeutics, Inc.
J. David Owens, Chief Business Officer
KEYWORDS: United States North America Pennsylvania
INDUSTRY KEYWORDS: Health Biotechnology Infectious Diseases Pharmaceutical Professional Services Finance