Novo Seeds, the company creation arm of pharmaceutical company Novo, has co-led a €20m ($22m) series A round for Denmark-based immuno-oncology drug developer Stipe Therapeutics.
The round was co-led by life sciences investment firm Arix Bioscience and included Wellington Partners’ Life Science Venture Capital Management fund and Sunstone Life Science Ventures.
Spun out of Aarhus University’s Department of Biomedicine in 2018, Stipe is working on treatments for tumours and autoimmune disorders that will target the immune system’s STING (stimulator of interferon genes) pathway.
The startup was incubated at Novo’s BioInnovation Institute, which supplied it with an undisclosed amount of financing, as did Novo Nordisk Foundation.
Novo Seeds partner Morten Graugaard Døssing said: “Novo Seeds’ strategy is to identify, build and invest in innovative companies founded on the best science globally, and build locally.”
