NovaGo Therapeutics secures 30 million dollars Series B funding
Biotechnology developer NovaGo Therapeutics secured 30 million US dollars in Series B funding led by Neurimmune and Pureos to advance spinal injury trials
SCHLIEREN, Switzerland - NovaGo Therapeutics AG has secured CHF 24 million (USD 30 million) in Series B funding for its anti-Nogo-A biologic development aimed at treating central nervous system diseases. The round was led by Neurimmune and Pureos, with additional participation from existing and new investors, complemented by non-dilutive support from the Swiss Paraplegic Foundation and Wings for Life.
The funds will propel NovaGo's lead program into a proof-of-concept (PoC) study for acute spinal cord injury patients, involving 120 participants across Germany, Spain, and Switzerland. Spinal cord injury currently lacks approved regenerative treatments, leaving patients with limited options. NovaGo's focus on the Nogo-A protein, which hinders nerve fiber regeneration and neuroplasticity, aims to restore functional recovery.
The company's Chief Scientific Officer, Prof. Martin Schwab, expressed excitement about advancing the program to critical clinical testing. Neurimmune's President and CEO, Prof. Roger M. Nitsch, highlighted the potential of NovaGo's fully human therapeutic antibody in promoting nerve outgrowth after injury. Pureos Bioventures' Managing Partner, Dominik Escher, and NovaGo Therapeutics' CEO, Stefan Moese, expressed gratitude for the investor support, emphasizing the significance of this development phase in bringing a much-needed treatment to spinal cord injury patients.
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