NorthSea Therapeutics, a Netherlands-based developer of treatments for liver, metabolic, inflammatory and fibrotic diseases, completed a $40m series B round featuring Novo Seeds, a subsidiary of pharmaceutical firm Novo, yesterday.
The round was led by life sciences investment firm VenBio Partners and included Sofinnova Investments, Forbion, New Science Ventures and BioGeneration Ventures.
NorthSea is engineering fatty acids that will form the basis of therapies for diseases including non-alcoholic steatohepatitis (NASH), which causes liver inflammation. Part of the series B proceeds will fund progress of its lead product candidate, Icosabutate, which is in phase 2b clinical trials for NASH.
Additional capital will support development of two more candidates utilising the company’s structural engineered fatty acids (SEFA) technology. Richard Gaster of VenBio Partners and Maha Katabi of Sofinnova Investments will both take board seats in connection with the round.
Rob de Ree, chief executive of NorthSea, said: “We are delighted to start the year with a successful series B financing, which brings both US investment and expertise to our shareholder syndicate and to our board.
“The great support from both new and existing shareholders will enable us to leverage our SEFA technology and to enter the clinic with two new clinical programs within the next 18 months. Both new programs have the potential to have a significant impact on patient care.”
Novo Seeds had previously contributed to the company’s $29.3m series A round in 2017. That round was led by Forbion and backed by BioGeneration Ventures and New Science Ventures.
