Novira Therapeutics Completes $25 Million Series A Financing
Versant Ventures Added to Syndicate
DOYLESTOWN, Pa., March 25, 2013
DOYLESTOWN, Pa., March 25, 2013 /PRNewswire/ --Novira Therapeutics, Inc.
today announced the completion of its Series A financing after securing $7.5
million from new investor Versant Ventures. This brings the total raised from
all investors in the round to $25 million. Versant joins 5AM Ventures and
Canaan Partners, which led the first closing of the Series A in August 2012.
In conjunction with this investment, Gianni Gromo M.D., Ph.D., venture partner
with Versant Ventures, joined the company's board of directors.
"We believe the addition of Versant bolsters an already strong investor
syndicate," said Osvaldo Flores, Ph.D., president and chief scientific officer
of Novira. "We also welcome Gianni to our board and believe his extensive
industry experience will contribute greatly to our future success. We plan to
use these funds to advance development of our hepatitis B virus (HBV) capsid
inhibitor lead program toward the clinic and to discover additional HBV drug
Dr. Gromo added, "Novira's innovative HBV capsid inhibitor program and the
company's highly experienced management team made this an attractive
investment for Versant. We believe that Novira's approach to HBV capsid
inhibition may disrupt pathways involved in virus persistence and has the
potential to produce treatments that can cure millions of patients worldwide
who are living with chronic HBV infection."
About Hepatitis B
More than 2 billion people worldwide have been infected with HBV at some time
in their lives. Adults with a healthy immune system are capable of clearing
HBV infection, but newborns, young children and immunocompromised patients
frequently become chronically infected. Approximately 400 million people
worldwide suffer from chronic HBV infection, with a significant percentage of
those individuals dying from long-term complications such as liver cirrhosis
or liver cancer. Treatment with nucleotide/nucleoside analogs can effectively
suppress viral replication and delay progression of liver disease but does do
not typically lead to a sustained virologic response or cure.
About Versant Ventures
Versant Ventures is a leading venture capital firm that specializes in
investments in innovative biopharmaceuticals, medical devices and other life
science opportunities. Founded in 1999, the firm consists of an experienced
team of managing directors committed to helping entrepreneurs build successful
companies that impact healthcare and improve quality of life. The firm's
successful IPOs include Clovis Oncology, Jazz Pharmaceuticals, Genomic Health,
Insulet and Kythera. M&A exits include Amira, LenSX, Acclarent, Cameron Health
Ablation Frontiers and Lutonix. In addition to an industry-leading
biotech-focused team in Basel, Switzerland and the San Francisco Bay Area,
Versant has a presence in two other key geographic locations of Southern
California and Minnesota.
For more information visit versantventures.com.
About Novira Therapeutics
Novira Therapeutics, Inc. is focused on the discovery of first-in-class
antiviral therapeutics for the treatment of chronic HBV infection, a global
disease with a high level of unmet medical need. Novira's oral drugs target
the capsid of the virus and offer a promising treatment option both as
monotherapy and in combination with current standards of care. The company's
antivirals potentially address limitations in treating chronic HBV infection,
a disease for which the only class of oral drugs available, polymerase
inhibitors is rarely curative despite lifelong treatment. Capsid inhibitors
that feature a new mechanism of action may address the limitations in the
effectiveness of HBV therapy.
For more information, visit www.noviratherapeutics.com.
Osvaldo Flores, Ph.D.
Matt Middleman, M.D.
SOURCE Novira Therapeutics, Inc.
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