In an unusually large round for a European biotech, Berlin's Noxxon Pharma raised €33 million ($40 million) in a Series D that attracted a long lineup of European venture funds.
New investor NGN Capital spearheaded the round, leading a pack that included existing investors TVM Capital, Sofinnova Partners, Edmond de Rothschild Investment Partners, Seventure Partners, VC Fonds Technologie Berlin GmbH, Dow Venture Capital, FCP OP MEDICAL BioHealth-Trends, IBG Beteiligungsgesellschaft Sachsen-Anhalt mbH, the Dieckell Group, and others.
Noxxon plans to use the money to fund the clinical and preclinical work needed on its three key drug candidates. The developer touts its Spiegelmer technology for finding oligonucleotide-based drugs; high-potency inhibitors that are both extremely stable with an extremely low potential for toxicity or immune system side effects. Its first three targets are in diabetes, oncology and hematology.
"This investment provides Noxxon with the funds to advance the clinical development of our three most advanced in-house programs without the need for additional external support," says CEO Dr. Frank Morich.
- read Noxxon's release for more info