Today, Novira Therapeutics announced that it secured $23 million Series A financing to advance the development of antivirals for treatment of chronic hepatitis B (HBV) and HIV infections.
The financing was co-led by new investors 5AM Ventures and Canaan Partners and joined by WuXi PharmaTech as well as existing investors BioAdvance, Mid-Atlantic Angel Group, Robin Hood Ventures and Delaware Crossing Investment Group (DCIG).
While many advances have been made in the treatment of patients chronically infection with HBV or HIV, a high level of unmet need still exists for these diseases. The only class of oral drugs available for chronically-infected HBV patients is rarely curative, resulting in the standard of care calling for reduction in serum HBV levels to an amount that will delay or prevent the development of cirrhosis and hepatocellular carcinoma (liver cancer). The treatment of chronic HIV infection is hindered by the continued ability of the virus to mutate, which inevitably leads to drug-resistant viral strains.
Each of these limitations to treatment can be addressed through the development of new antiviral therapeutics. Novira’s unique antiviral drugs are designed to disrupt the function of a viral protein called the capsid that is required for replication and transmission of the virus. By inhibiting key aspects of capsid function, Novira’s oral drugs prevent further spread of the virus and offer a new treatment for viral diseases. Because they work through a different mechanism of action than other oral drugs for HBV and HIV, Novira’s therapeutics can be used as monotherapy or in combination with the standard of care.
Russo Partners secured coverage of the announcement across investor-focused, industry-focused and regional publications, and also worked with Novira to develop key messages for the announcement. Read more about the financing and the planned use of the funds in the article below from the MedCity News: