Genoa Pharmaceuticals, a US-based developer of treatments for pulmonary diseases, closed a $62m series A round yesterday that included pharmaceutical firm Novo.
F-Prime Capital Partners, an investment subsidiary of financial services group Fidelity, co-led the round with banking and asset management group Edmond de Rothschild Investment Partners, investing alongside RiverVest Venture Partners and TPG Biotech.
Genoa Pharmaceuticals is working on therapeutics for pulmonary diseases including idiopathic pulmonary fibrosis (IPF). Its lead program, centred on an inhaled treatment dubbed Aerodone, is expected to enter clinical trials for the IPF by the end of 2017.
Mark Surber, Genoa’s chief scientific officer, said: “In addition to advancing our early-stage pipeline, with this financing and our veteran development team, we have the funds and expertise to test Aerodone for the treatment of IPF through phase 2 clinical trials.
“Despite the approval of two medicines, IPF remains a fatal disease with substantial unmet need for improved tolerability and effective medical treatments. By the inhaled approach, we are enthusiastic for the opportunity to meet these needs and improve patient lives.”
Tiba Aynechi, a partner at Novo’s corporate venturing unit Novo Ventures, has joined Genoa’s board of directors together with Ketan Patel of F-Prime, Naveed Siddiqi of Edmond de Rothschild Investment Partners, Niall O’Donnell of RiverVest and Heather Preston from TPG.