California-based biotech Nuvig Therapeutics scooped up $161 million from the investment arms of Sanofi, Bayer, Novo Holdings, BMS and others for its Fc fragment immunomodulator aimed at improving autoimmune dysregulation.
Pharma is jumping in on the next generation of immunomodulatory therapeutics, pouring $161 million into Nuvig Therapeutics’ series B financing round. The California-based biotech announced Thursday its second wave of cash collecting was co-led by Sanofi Ventures and joined by the investment arms of Bayer, Novo Holdings and Bristol Myers Squibb.
Nuvig is developing a first-in-class Fc fragment immunomodulator aimed at improving autoimmune dysregulation without suppressing the immune system like many autoimmune therapies do. Its lead candidate, NVG-2089, is in Phase I testing for chronic inflammatory demyelinating polyneuropathy (CIDP). The company received Fast Track designation for NVG-2089 in bullous pemphigoid, a rare autoimmune skin disease that causes the immune system to attack healthy skin tissue.
CIDP is a rare neurological autoimmune disorder affecting around 30,000 in the U.S. and leads to progressive weakness and loss of sensory function in the legs and arms. Immunoglobulin treatments (IVIg or SCIg) are the only current approved options for patients. According to Nuvig, such treatments are limited by supply and preparation as a blood product therapy and carry inherent safety risks and a narrow therapeutic window.
Proceeds from the series B raise will fuel the progression of NVG-2089 from Phase I into proof-of-concept Phase II studies across multiple indications as well as advance its preclinical pipeline, according to today’s announcement. In conjunction with the financing round, partners from Sanofi Ventures and two other investing firms will join the company’s Board of Directors.
Paulina Hill, partner at Sanofi Ventures, said in a statement that Nuvig has “not only demonstrated powerful anti-inflammatory effects of their lead candidate NVG-2089 without immunosuppression but [has] also created a reproducible and scalable recombinant method of recapitulating the effects of IVIg without the downsides and supply limitations of IVIg.”
This week’s raise is a substantial boost from the company’s series A launch two and a half years ago with $47 million, led by Novo Holdings and supported by BMS and others.
