NovaGo Therapeutics has raised CHF 24 million, or approximately $30 million, in Series B financing to advance its lead treatment candidate into a proof-of-concept study for acute spinal cord injury.
The round was led by Neurimmune and Pureos, with participation from new and existing investors.
The equity financing is complemented by non-dilutive funding from the Swiss Paraplegic Foundation and Wings for Life – Spinal Cord Research Foundation.
NovaGo is developing anti-Nogo-A biologics intended to promote nerve regeneration and functional recovery in central nervous system diseases and injuries.
The company’s lead program targets Nogo-A, a protein that inhibits nerve fiber regeneration and neuroplasticity.
The new financing will fund a randomized, double-blind proof-of-concept trial enrolling 120 acute spinal cord injury patients across Germany, Spain and Switzerland.
NovaGo’s lead antibody, NG004, has already completed Phase 1 testing.
The company is also developing anti-Nogo-A approaches for conditions including stroke and secondary progressive multiple sclerosis.
KEY QUOTES:
“We are excited to see this program progress into this critical stage of clinical testing, bringing us a meaningful step closer to a much-needed treatment for patients living with the consequences of spinal cord injury.”
Prof. Martin Schwab, Chief Scientific Officer of NovaGo Therapeutics
“Together with NovaGo Therapeutics, we are pioneering a novel approach for the treatment of spinal cord injury using a fully human therapeutic antibody designed to promote nerve outgrowth after injury. We are encouraged by the promising Phase 1 results with NG004 and look forward to advancing the clinical development program together with NovaGo Therapeutics and our co-investors, with generous support from the Swiss Paraplegic Foundation and Wings for Life.”
Prof. Roger M. Nitsch, President and Chief Executive Officer of Neurimmune and Board Member of NovaGo Therapeutics
“We are deeply grateful for the backing of our investors. Support from Wings for Life and the Swiss Paraplegic Foundation have also been instrumental, helping make this crucial development phase possible. Their commitment allows us to move forward with the proof-of-concept study and work toward bringing a much-needed treatment to patients affected by the devastating consequences of spinal cord injury.”
Stefan Moese, Chief Executive Officer of NovaGo Therapeutics
