Novadip Biosciences raises €40m for orthopaedic products development
Novadip Biosciences, a Belgium-based biopharmaceutical company, has raised an additional €40 million in a Series B equity round and non-dilutive funding.
The proceeds will be used for accelerating the clinical development of two of its investigational adipose stem cell (ASC)-derived tissue regeneration products — NVD-X3 and NVD-003.
With €24 million in new equity and €16 million in non-dilutive financing primarily by the Walloon Region, the €40 million financing brings total company funding to €88 million.
NVD-X3 is an investigational allogeneic therapeutic aimed to be used for fast-tracking bone union in spinal fusion procedures and non-healing fractures. It is set for a phase 1/2 clinical trial in Europe by the end of 2022.
On the other hand, NVD-003 is an investigational autologous bone engraftment product that could offer a single treatment cure for patients with critical size bone defects like congenital pseudoarthrosis of the tibia (CPT).
Set for Phase 1b/2a clinical trials in CPT patients between two and eight years of age in the US and the European Union (EU) by the end of this year, NVD-003 has received orphan drug and rare pediatric disease designations for accelerated approval from the US Food and Drug Administration.
Denis Dufrane — Novadip Biosciences Co-founder and CEO said: “This financing milestone is a recognition by our committed group of existing investors of the clinical benefits and broad market opportunities provided by our 3M³ tissue regeneration technology platform.
“With this funding we will advance a new class of therapeutics that offer curative hope for patients suffering from large bone defects and enable accelerated healing of common orthopedic conditions such as radius fracture, spinal fusion.”
The Series B equity funding saw the participation of CR-CP Life Science Fund, Fund+, New Science Ventures (US), and SRIW Life Sciences.
Other investors in the equity round include VIVES Louvain Technology Fund and InvestSud as well as family offices and private investors such as Olivier van der Rest and Pierre Drion.
Novadip’s 3M³ tissue regeneration technology platform delivers specific growth factors and miRNAs to imitate the physiology of natural tissue healing.