Return investors Novartis Venture Funds, the corporate venturing unit of Swiss-based pharmaceutical company Novartis, has co-led a $11m Series A round into US-based Galera Therapeutics, a developer of drugs targeting oxygen metabolic pathways in cancer, fibrosis and other human diseases. Venture capital firm New Enterprise Associates co-led with involvement from Correlation Ventures, a venture capital firm operating a co-investment model.
The new funds will be used to expand the clinical development of Galera’s small molecule therapeutics. Mel Sorensen was also named as chief executive of the company.
Earlier this year Novartis aided Galera on their way to a $30m round of funding. Other investors in Galera include Saint Louis non-profit funding organisation Biogenerator, as well as angel firms St. Louis Arch Angels, Centennial Angels and US-based scientific company ABC Laboratories.