AAA Novo sides with Galera for $37m

Novo sides with Galera for $37m

Galera Therapeutics, a US-based biotechnology company focused on cancer therapies, closed a $37m series B round led by Novo Ventures, the corporate venturing arm of healthcare company Novo, yesterday.

Novartis Venture Fund, the investment vehicle of pharmaceutical firm Novartis, also contributed to the round alongside New Enterprise Associates (NEA), Correlation Ventures and Galera Angels. Thomas Dyrberg, managing partner of Novo Ventures, will join Galera’s board of directors.

Galera is working on treatments to prevent side effects caused by chemoradiation therapy. Its lead drug candidate targets oral mucositis in head and neck cancer patients, a condition that can lead to significant pain and serious infections, and which may prevent patients from consuming food or drinks.

The series B capital will support a phase 2b double-blind, randomised clinical trial for the drug candidate, as well as further development of Galera’s pipeline.

Galera previously secured $4.7m in equity funding in August 2014, according to a regulatory filing. Novartis Venture Fund co-led an $11m series A round in 2012 with NEA that also included Correlation.

The company reportedly  obtained $1m in grants and seed funding in 2010 from non-profit funding organisation Biogenerator, angel firms St Louis Arch Angels and Centennial Angels, and scientific company ABC Laboratories.

Those investors are not currently listed on the company’s website, though our records show that they were at the time.

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