Internationally-based drug developer Naia secured $5.3m yesterday in a series A round led by Egypt-based pharmaceutical company Pharco Pharmaceuticals.
The round also featured undisclosed healthcare investors, including members of investor relations firm The Trout Group’s management team. Pharco participated in the round as an existing investor, though Naia has not released details of earlier funding.
Headquartered in the US but overseen by a Cayman Islands-based management company, Naia builds and supports biotechnology companies using de-risked clinical stage assets.
The series A financing will fund programmes being pursued by Naia’s subsidiaries, including one that is seeking to develop a treatment for short bowel syndrome (SBS), an orphan condition caused by the surgical removal of the small intestine.
Sherine Helmy, CEO of Pharco Pharmaceuticals, said: “We continue to invest in Naia because we believe that the company will be successful in attaining its goal of meeting the needs of a complex global healthcare ecosystem and improving access to medicines in various international markets.
“The company continues to execute on a unique business model in developing its promising pipeline.”