Novoron Bioscience, a San Diego-based biotech startup, raises $ 4.3 million seed financing developing new therapies to treat damage to the central nervous system.
Funding was provided by Two Bear Capital, a venture capital firm led by Michael Goguen that specializes in start-ups that aim to bring in technology and technology. health together. The capital raised in the round comes after Novorn received an undisclosed amount from Backstage Capital and a $ 3 million grant from the National Institutes of Health.
Novorn plans to use new funding to accelerate the development of its leading drug candidate. Travis Stiles, PhD, CEO and co-founder of Novoron, referred to the round:
“It was important for us to meet with investors who are passionate about CNS treatments and excited about their future journey and we met that goal with TBC. Working with TBC has proven to serve to shape our future direction and catalyze innovation faster.” Novoron is completing pre-testing of concepts for NOVO-118 in MS and SCI, and is on track to enter clinical trials over the next three years.
Novoron Bioscience was created with the mission of developing therapies for ineffective treatment conditions such as acute spinal cord injury, multiple sclerosis, glaucoma, TBI, and tauopathy. The startup aims to achieve this by using alternative models, such as the use of specific target compounds, through optimized internal delivery. Mike Goguen, founder and managing partner of TBC, said about the startup’s technology:
“With two neuroscientists in the TBC investment team, we are fully committed to finding and funding the most promising solutions to neurological disorders and Novoron quickly met that limit. Novoron’s technology is truly pioneering, and we are excited to be part of Travis’ efforts to address one of the most difficult medical issues.”
Harvard NeuroDiscovery Center estimates that neurodegenerative diseases can affect more than 13 million Americans by 2030, which “aims to increase the urgency of finding treatments and cures for neurodegenerative diseases.” Novoron aims to change this prediction by developing an effective therapy to reverse nerve damage and restore lost function in an effective way to address these conditions.