US-based research and development services startup Nuvelution Pharma raised an undisclosed amount from investors including pharmaceutical company Novo and venture capital firm Clarus Ventures yesterday.
Nuvelution will provide research and development services to the pharmaceutical and biotechnology industries, offering a collaborative, risk-sharing approach to late-stage clinical development.
The company will seek to harness between $50m and $500m in investment for these collaborations, and the series A round will support its initial operations.
Martin Edwards and Thomas Dyrberg, senior partners at Novo, and Clarus managing directors Nicholas Simon and Nicholas Galakatos are joining Nuvelution’s board in conjunction with the round.
Sanford Zweifach, co-founder and CEO of Nuvelution, said: “Our goal is to make our risk-sharing collaboration approach to clinical development an essential tool for pharmaceutical and biotechnology companies to improve their research and development productivity.
“The individuals involved in Nuvelution bring a unique understanding as to the ideal way to structure these collaborations given their extensive industry experience.”