NovaGo Therapeutics AG, a Swiss biotech company developing human antibody therapeutics to promote regeneration after cerebral stroke, has closed a Series A financing round of CHF 10 million led by Pureos Bioventures and the strategic partner Neurimmune. Dr. Dominik Escher, Partner at Pureos Bioventures will join NovaGo’s board of directors. The proceeds will be used to develop NovaGo’s regenerative therapeutics towards clinical trials.
Prof. Martin E. Schwab, founder and President of NovaGo Therapeutics, and the discoverer of Nogo-A, commented: “We are very pleased that we succeeded in securing additional funds in support of the development of our human antibodies. Neurimmune and Pureos Bioventures share our vision of developing a therapy for regeneration after stroke. We welcome Dominik to our board of directors. His wealth of executive biotech experience will be instrumental for advancing NovaGo.”
NovaGo Therapeutics, founded 2015 as a spin-off company from the University of Zurich, previously entered into a strategic partnership with Neurimmune to discover human antibodies targeting Nogo-A. Neurimmune’s Reverse Translational Medicine™ technology decodes genetic information of immune cells obtained from healthy aged people to identify next generation antibody therapeutics.
About NovaGo Therapeutics AG
NovaGo Therapeutics is a Swiss start-up dedicated to the development of regenerative therapies for diseases of the central nervous system such as stroke and spinal cord injury. The company was founded by Prof. Martin Schwab based on the discovery of the existence of “inhibitors of nerve fiber growth” as a cause of the absence of regeneration of injured fiber tracts in the central nervous system.
Neurimmune is a Swiss clinical stage biotech company translating human immune memory into game changing therapeutics. Neurimmune’s pipeline comprises high-potential drug candidates at both clinical and advanced preclinical development stages. Aducanumab, an investigational treatment for Alzheimer’s disease, partnered with Biogen, is currently in phase 3 clinical trials. Rights in antibodies BIIB054 for Parkinson’s disease and BIIB076 for Alzheimer’s disease were acquired by Biogen. Neurimmune’s pipeline includes human antibody programs for ALS, fronto-temporal dementia, cardiomyopathy, type-2 diabetes and progressive multifocal leukoencephalopathy, with potential therapies in advanced preclinical stages.
About Pureos Bioventures
Pureos Bioventures is a new venture capital fund located in Zurich to exclusively invest in private innovative drug development companies, with a special emphasis on the next generation of biological drugs and drug formats.
Stroke is the leading cause of adult disability and represents a major health problem. It affects approximately 33 million patients worldwide, with an estimated 17 million people suffering a first stroke each year. This chronic disease generates tremendous direct as well as indirect costs for the public health system and economy, with total cost estimates beyond $100 billion a year for Europe and the United States combined.
Despite improvement of acute care treatments, more than half of the stroke patients remain with major life-long sequalae, which include problems with mobility, vision, speech and memory, personality changes, fatigue and depression among others. There is no pharmacological therapy that targets the central nervous system’s regenerative capacity in stroke. As post-stroke disability significantly affect’s patient’s quality of life and long-term healthcare resource utilization, an effective regenerative therapy is a major unmet need.