PITTSBURGH, PA, Noveome Biotherapeutics today announced the closing of a $15 million Series D financing.
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Noveome Biotherapeutics, a clinical-stage biopharmaceutical company focused on developing next-generation biologics for the promotion and restoration of cellular integrity of inflamed or damaged tissues, today announced the closing of a $15 million Series D financing. The financing was led by a new institutional investor in addition to existing investors. Prior to this Series D financing, Noveome has raised a total of $144 million in capital from both private equity investors and non-dilutive capital from the U.S. Department of Defense and the Commonwealth of Pennsylvania and Allegheny County.
Proceeds from the financing will be used to support the advancement of the Company's clinical stage programs investigating its proprietary, cell-free platform biologic, ST266, for the treatment of both ophthalmological and central nervous system (CNS) disorders.
"We are encouraged by the support from both our new and existing investors in this Series D financing, providing Noveome with the necessary funding to progress our clinical stage ophthalmological and CNS disorder programs into further clinical studies, in addition to advancing our broader pipeline of exciting indications," said William J. Golden, Founder, Chairman and Chief Executive Officer of Noveome Biotherapeutics, Inc. "We look forward to executing on the promise of our growing pipeline, focusing on the potential broad therapeutic applicability of our novel, cell-free platform biologic, ST266, as we work to deliver novel treatment methods to patients suffering from a wide variety of complex diseases."
About Noveome Biotherapeutics, Inc.
Noveome Biotherapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing next-generation biologics for the promotion and restoration of cellular integrity of inflamed or damaged tissues. Noveome's multi-target platform biologic and lead product, ST266, is a complex, non-cellular product containing hundreds of biologically active proteins and other biologic factors. ST266 is currently being evaluated in multiple indications across CNS, ophthalmic, pulmonary and gastrointestinal therapeutic areas. Topline data from an ongoing Phase 1 trial using a novel intranasal delivery method to deliver ST266 to the optic nerve and brain and an ongoing Phase 2 trial in corneal defects are expected later in 2019. In addition, preclinical results testing ST266 in chronic traumatic encephalopathy, emphysema and necrotizing enterocolitis are also expected later in 2019. The Company received seed funding from Lancet Capital, a venture capital consortium of leading Pittsburgh healthcare institutions including UPMC Enterprises, Highmark Blue Cross/ Blue Shield, University of Pittsburgh and Carnegie Mellon University. To date, Noveome has received over $120 million in research and infrastructure funding from the U.S. Department of Defense, the Commonwealth of Pennsylvania and Allegheny County. Noveome is based in Pittsburgh, PA. For more information, please visit, www.noveome.com.