Biopharmaceutical company, NBE Therapeutics, has closed an extension of its Series B financing round with CHF 20 million investment from Novo Holdings, making it a major shareholder.
Investment growth
This extension adds to the previous Series B financing worth CHF 20 million, which was led by PPF Capital Partners Fund (PPF) with the participation of the Boehringer Ingelheim Venture Fund (BIVF) and private investors. The total funds raised is therefore CHF 40 million.
With this funding, NBE Therapeutics will be able to advance its lead programme NBE-002 targeting ROR-1 primarily for the treatment of solid tumours into clinical development and additional ADC pipeline programmes through early development.
“The additional investment by Novo into NBE-Therapeutics, represents another strong endorsement of our ADC platform, our team and our strategy for developing promising ADC product candidates for the benefit of cancer patients,” commented Dr Ulf Grawunder, CEO of NBE Therapeutics. “We are particularly excited that Novo Holdings, with its outstanding track record and reputation in the field of life-science investments, has become a major shareholder of NBE-Therapeutics.”
“This is another important milestone in the development of NBE Therapeutics toward a clinical-stage ADC company,” added Theo Walthie, chairman of NBE-Therapeutics. “With the strong backing of three institutional investors, Novo, BIVF and PPF, and dedicated private investors, we are looking forward to advancing NBE-Therapeutics’ lead ADC program, NBE-002, into the clinic.”
As a result of this transaction, Dr Nanna Lüneborg, partner in the Novo Ventures team of Novo Holdings, has joined the Board of Directors of NBE-Therapeutics. “We are excited to become shareholders of NBE-Therapeutics, and we look forward to working with the team and the Board to develop novel ADCs for the benefit of cancer patients in need of better targeted therapies,” Lüneborg stated.