Novadip Biosciences Raises Additional EUR 40 Million Bringing Total Company Funding to EUR 88 Million
The funding will accelerate the clinical development of investigational adipose stem cell-derived tissue regeneration products
Novadip Biosciences, a clinical-stage biopharmaceutical company developing a new class of regenerative tissue products to accelerate healing of large bone defects and injuries in a single treatment, announced that it has raised an additional EUR 40 million in a Series B equity round and non-dilutive funding. The funding will accelerate the clinical development of two of Novadip’s investigational adipose stem cell (ASC)-derived tissue regeneration products: NVD-X3, an allogeneic therapeutic that can provide accelerated, durable bone union in spinal fusion procedures and non-healing fractures, and NVD-003, an autologous bone engraftment product designed to provide a single treatment cure for patients with critical size bone defects such as congenital pseudoarthrosis of the tibia (CPT).
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The EUR 40 million financing is comprised of EUR 24 million in new equity and EUR 16 million in non-dilutive financing mainly by the Walloon Region. CR-CP Life Science Fund (China) joined existing investors, including New Science Ventures (US), Fund+, SRIW Life Sciences, VIVES Louvain Technology Fund, InvestSud, family offices and private investors, such as Pierre Drion and Olivier van der Rest, to support the equity round.
“This financing milestone is a recognition by our committed group of existing investors of the clinical benefits and broad market opportunities provided by our 3M³ tissue regeneration technology platform,” said Denis Dufrane, MD, PhD, CEO and Co-founder of Novadip Biosciences. “With this funding we will advance a new class of therapeutics that offer curative hope for patients suffering from large bone defects and enable accelerated healing of common orthopedic conditions such as radius fracture, spinal fusion.”
Novadip’s 3M³ platform is a 3-dimensional, extracellular matrix that utilizes adipose-derived stem cells to deliver highly specific growth factors and miRNAs to mimic the physiology of natural tissue healing. The platform supports three distinct therapeutic programs:
- 3MAUTO: autologous ASC products that provide one-time curative treatment to achieve long-term union and stability of critical size bone defects
- 3MALLO: “off-the-shelf” allogeneic matrix products to provide accelerated, stable bone union in 90 percent of bone engraftment procedures – a $7 billion addressable market, and
- 3MEXO: allogeneic exosome products that can repair tissue following surgical resection of solid tumors, such as osteosarcoma, melanoma, glioblastoma.
“We welcome the expanded support of our international investors, all of whom appreciate the immense potential of the 3M3 technology platform to deliver best-in-class tissue regeneration products that disrupt the standard of care in the US, EU and Asia,” said Eric P. Pâques, PhD, Chairman of the Novadip Biosciences Board of Directors. “We have been enormously impressed with the progress the Novadip team has achieved in advancing the 3MAUTO and 3MALLO programs into clinical studies. Looking ahead, it is clear that Novadip’s therapeutic programs can be hugely important for patients, and we look forward to supporting these dedicated individuals as they work to cultivate the clinical promise of the 3M3 technology platform across multiple high opportunity markets.”
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