Noveome Biotherapeutics Secures $15 Million Series D Financing to Advance Clinical Trials of ST266 Biologic

VCBeat (WeChat Official Account: vcbeat) has learned that Noveome Biotherapeutics, headquartered in Pennsylvania, USA, announced the completion of a $15 million Series D financing round on April 9 local time.

Since its founding in 2000, Noveome Biotherapeutics has raised over $144 million in cumulative funding from investors including the U.S. Department of Defense, the Commonwealth of Pennsylvania, Allegheny County, and private equity firms. The proceeds from this round will be used to conduct clinical trials for ST266, a biologic therapeutic developed by the company.

Noveome Biotherapeutics, founded by William J. Golden and formerly known as Stemnion Inc., is a biopharmaceutical company dedicated to developing next-generation biologics that promote and restore cellular integrity in inflamed or damaged tissues. The company holds 50 patents in the United States covering the manufacturing process and methods of use for ST266. Additionally, Noveome Biotherapeutics has secured more than 40 granted patents and several pending applications in major global markets, including China, Europe, Japan, and Canada.

ST266 is a novel, complex biologic agent produced by cultivating a unique cell population derived from human placental amnion under specialized conditions. ST266 contains not only hundreds of bioactive proteins but also other factors involved in cellular healing, neuroprotection, and the treatment of inflammation. In multiple preclinical studies, ST266 has demonstrated unique properties in treating inflammation, restoring neurological function, and accelerating the healing of damaged cells, all while maintaining cellular and vascular integrity.

Elevated intraocular pressure in glaucoma damages the optic nerve, leading to vision loss and ultimately blindness. Existing medications for glaucoma lower intraocular pressure but do not address the underlying degeneration of the optic nerve. Preclinical studies have demonstrated that ST266 is an effective neuroprotective agent for the optic nerve. Emphysema is a chronic disease triggered by smoking or severe exposure to polluted air. In patients with emphysema, lung tissue gradually deteriorates, characterized particularly by thinning and destruction of the alveoli. Currently, there are no approved drugs capable of protecting and restoring damaged lung tissue. Preclinical studies have shown that ST266 can restore lung tissue in animal models of emphysema.

“We are grateful to our investors for their support. They have provided Noveome Biotherapeutics with the development funding needed to advance our biologics into further clinical studies,” said William J. Golden, Founder and Chief Executive Officer of the company. “We will continue to fulfill our commitment to developing a new product pipeline, dedicated to providing novel therapeutic options for patients suffering from various complex diseases.”

Reference link:

http://www.finsmes.com/2019/04/noveome-biotherapeutics-completes-15m-series-d-financing.html

http://noveome.com/press-release/noveome-biotherapeutics-inc-completes-15-million-series-d-financing-advance-growing-pipeline-next-generation-biologics/

(Compiled by Liu Na)