NanoVation secures funding, expands board

CANADA—NanoVation Therapeutics, a pioneering startup focusing on overcoming difficulties in nucleic acid delivery, has completed a funding round sponsored by Convergent Ventures and appointed two new board members. 

This current financing development builds on NanoVation’s strategic cooperation with Novo Nordisk, which was formed in September to accelerate the development of genetic therapeutics for cardiometabolic and rare disorders.

The collaboration will leverage NanoVation’s proprietary long-circulating lipid nanoparticle (lcLNP™) technology for effective RNA delivery beyond the liver.

By combining this technology with Novo Nordisk’s extensive expertise in research, development, and clinical translation, both companies plan to make significant strides in addressing unmet medical needs.

Under the terms of their agreement, NanoVation and Novo Nordisk will work collaboratively on two lead programs that focus on base-editing therapies for rare genetic disorders.

Additionally, they aim to identify and develop up to five other potential targets that address conditions related to rare and cardiometabolic diseases.

As part of this partnership, Novo Nordisk will obtain an exclusive global license to utilize NanoVation’s LNP technology for these initial programs.

In return, NanoVation will receive research funding and up to US$600 million in upfront payments, milestone rewards, and tiered royalties on future product sales.

Following the successful funding round, NanoVation has taken steps to strengthen its leadership by expanding its board of directors.

The company has welcomed two prominent figures from the biotechnology sector: Dr. Zachariah (Zach) Jonasson and David Main.

Dr. Jonasson, Absci’s Chief Financial and Business Officer and a Convergent Ventures co-founder, brings a wealth of experience to the board.

His previous roles include chairman and independent board member at Absci and co-founder and managing partner at Phoenix Venture Partners and Convergent Ventures, where he led numerous venture capital investments in biotechnology.

Notch Therapeutics’ President and CEO, David Main, will join him on the board.

Mr Main has an exceptional track record. He co-founded Aquinox Pharmaceuticals in 2006 and served as Chairman and CEO.

His leadership was critical in enabling Aquinox to achieve important milestones, such as moving its lead product from target validation to Phase 3 clinical trials.

He also helped Aquinox shift from a private to a NASDAQ-listed public firm, raising around $300 million in stock funding before merging with Neoleukin Therapeutics. 

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