Nora Therapeutics Announces $18 Million Series B Financing
PALO ALTO, Calif.
, April 17, 2014
/PRNewswire/ -- Nora Therapeutics, a biotechnology company focused on developing therapeutics to address unmet needs in reproductive medicine, today announced the closing of an $18 million
Series B financing. The proceeds will be used to expand the development of Nora's lead drug, NT100, including the addition of a second Phase 2 trial (RESPONSE) in women with unexplained recurrent pregnancy loss. NT100 is currently being studied in an ongoing Phase 2 trial (THRIVE-IVF) to improve pregnancy outcomes for women with a history of failed IVF cycles.
The Series B financing was led by Novo A/S and included participation from all Series A investors Burrill & Company, Prospect Venture Partners, Rho Ventures, and Vivo Capital. In connection with the financing, Heath Lukatch, Ph.D., Partner at Novo Ventures, will join the company's Board of Directors. "We believe Nora represents a unique opportunity in a disease area that has significant unmet needs and few therapeutic options," said Dr. Lukatch. "We look forward to supporting the company's solid, long-term growth potential as it advances the development of NT100."
"The significant level of both new and existing investor interest in our Series B financing is further validation of both the approach and the potential of our lead compound, NT100, to address two indications with high unmet need: recurrent pregnancy loss and infertility," said Jeffrey K. Tong, Ph.D., President and CEO of Nora Therapeutics. "We are further encouraged that enrollment in the THRIVE-IVF trial is ahead of schedule and we have already received significant investigator interest for the upcoming RESPONSE trial."
About the Phase 2 RESPONSE Trial
Recurrent pregnancy loss (RPL), also known as recurrent miscarriage, affects 1-5% of all women of childbearing age. Of these losses, 50-75% are of unknown etiology, and there are no FDA-approved therapies to treat unexplained RPL. The Phase 2 RESPONSE trial will begin enrolling 150 women with a history of recurrent pregnancy loss at sites across the United Kingdom during the second quarter of 2014. The primary efficacy endpoint of the study will be the reduction in the rate of miscarriages.
About Novo A/S
Novo A/S is a Danish limited liability company fully owned by the Novo Nordisk Foundation and is the holding company in the Novo Group responsible for managing the Foundation's assets, which are currently valued at more than $30 billion. Besides being the major shareholder in Novo Nordisk A/S and Novozymes A/S, Novo A/S provides seed and venture capital to development stage companies, and takes significant ownership positions in well-established companies within life sciences, and manages a broad portfolio of financial assets.
For more information, visit: www.novo.dk.
About Nora Therapeutics, Inc.
Nora Therapeutics is a privately-held biotechnology company focused on developing therapeutics to address IVF failure and recurrent pregnancy loss, two reproductive conditions with significant unmet need. Nora's lead compound, NT100, is a novel biologic agent similar to a naturally occurring protein in the female reproductive tract and may better enable embryo implantation and pregnancy maintenance by optimizing maternal-fetal immune tolerance. For more information, please visit www.noratherapeutics.com.
SOURCE Nora Therapeutics