US-based biopharmaceutical company Nora Therapeutics has raised $18m in series B funding from participants including Denmark-based healthcare company Novo.
Nora Therapeutics specialises in the development of reproductive medicine, and the investment is to be used to advance the trials for its NT100 drug. Participants in the round included previous investors Prospect Venture Partners, Rho Ventures, Vivo Capital, Burrill & Company and Heath Lukatch.
NT100 is intended to prevent recurrent infertility and pregnancy loss. The Phase 2 drug trials hope to improve the pregnancy outcome for failed in vitro fertilisation cycles.
“The significant level of both new and existing investor interest in our series B financing is further validation of both the approach and the potential of our lead compound, NT100, to address two indications with high unmet need: recurrent pregnancy loss and infertility,” said Jeffrey K. Tong President and CEO of Nora Therapeutics.
Nora Therapeutics previously $2.9m in funding in 2010, according to its SEC filings, which takes the company’s total investment to $20.9m since it was founded. The company also announced that Doctor Heath a partner at Novo, will to join Nora Therapeutics’ board of directors in conjunction with the financing.